A major Chinese manufacturing firm has announced plans to invest more than £1 billion on a series of construction projects in Sheffield.
Just a few days ago, officials from Sheffield City Council travelled to Chengdu to meet with the Sichuan Guodong Construction Group for talks over what will be the biggest Chinese investment project in the UK outside of London.
Now, it has been announced that the manufacturing and engineering giant will start off by investing £220 million on several projects in the centre of the South Yorkshire city, with a total of £1 billion to then be invested over the subsequent five decades.
While details of the individual projects have yet to be confirmed, they are likely to include the construction of new housing developments, hotels and retail units.
Celebrating the news, council leader Julie Dore said: "It's a massive vote of confidence in Sheffield... We have the skills and the connections to drive economic growth in our city."
At the same time, however, other Chinese firms have pledged to "wait and see" what affect the Brexit vote will have on the economy before they invest more money into the UK.
