Juwai.com, an online property portal for Chinese buyers looking to invest in property abroad, said that in November, the number of Chinese inquiries into Manchester property was 53.8pc higher than the same month last year.
The Manchester Airport Group has also doubled its estimate of the value to the local economy of direct flights from Beijing to Manchester, as Chinese investment in the Northern Powerhouse continues to grow as flights have increased numbers of passengers, many of whom come to invest in the area.
They said that in 10 years the economic impact of Chinese visitors to the area will be worth £500m, up from £250m, representing only increased tourism spending, not the effect on inward investment, jobs or infrastructure, which is even higher.
The Manchester-China Forum, a group which promotes commercial ties between the two places, has estimated that in 2016, there was £2.1bn worth of development projects that has Chinese involvement in it.
Rhys Whalley, executive director of Manchester-China Forum said that the devaluation of the pound meant “a number of investors see the UK as an excellent option with the property sector being one of the most active recipients of growing connectivity between China and the UK”.
Manchester’s future growth features plans to add 227,000 homes and 200,000 jobs by 2035
One major deal signed this year was by Beijing Construction Engineering Group (BCEG), which will construct part of Middlewood Locks in Salford, which is worth £700m and will provide 2,215 rented homes. Work also began on Airport City, worth £1bn, in which BCEG has a 20pc stake.
Chioma Ibe, Director at Why Media Manchester says “One of the reasons our leading digital and design agency chose Manchester as its next location is due to the type of international investment in Manchester, not only as a bricks and mortar investment but also those developers and investment managers looking to truly get behind the city’s creative and strategic future plans, which fits with our own expertise within the industry. As Manchester looks to attract more investment from the world in this post Brexit era, Why Media are keen to work with companies, looking at their long term strategy to communicate their story from digital perspective”
Why Media are marketing experts within the property investment industry and work closely with businesses throughout the Far East.
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