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Chinese Construction Giant Pulls Out of Sheffield Deal

Infra News - Published on Fri, 12 Jul 2019

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Construction Enquirer reported that the huge investment plan for the city was unveiled three years ago with an initial GBP 220 million tranche of projects including turning the city’s Central Library building into a luxury hotel. But council chiefs have confirmed the first phase will no longer be taken forward and “there are no future plans or projects likely to be considered.” A council statement added unfortunately the schemes reviewed to-date have not met the investor’s viability requirements for investment. Sichuan Guodong has also been caught by increased restrictions by Chinese Central Government on private companies wanting to invest in real estate projects outside mainland China.

The council has written to the chairman of Sichuan Guodong, Mr Wang Chunming, to inform him “that the door to future business in the city remains open.”

Councillor Mazher Iqbal, Cabinet Member for Business and Investment said “I remain hopeful that Sheffield and Guodong can work together in the future. There are a large number of private sector schemes in Sheffield that Sichuan Guodong may wish to collaborate on and we will be happy to inform and advise them if them if any interest arises.”

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Posted By : Mohan Sharma on Fri, 12 Jul 2019
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