China set to invest £30bn into the UK
China is loaded, we all know that.
It boasts three of the world’s 10 biggest sovereign wealth funds together owning over $1.5 trillion in assets.
Its asset pile includes a lot of iconic British icons including stakes in Thames Water, Heathrow and Pizza Express among others. (Read: How China bought Britain)
And today David Cameron is set to announce that China is set to invest a further £30bn into the UK as part of Chinese president Xi Jinping’s state visit.
Expected to create close to 4,000 jobs in the UK, these deals will span retail, energy, financial services and aerospace industries.
Take a look at big British projects China is set to fund:
1. A £3.2bn Paramount Pictures theme park project at Kent
Chinese conglomerate SinoFortone is set to inject billions in Britain for a theme park in Kent that will open in 2021.
Planned on 900 acres of land, the theme park will have a water park, hotels, a theatre, and rides inspired by TV programmes and Hollywood movies.
2. Nuclear deals worth £8bn
Jinping is expected to agree a deal with Cameron to build nuclear power plants in Britain.
China is expected to fund 30% of the cost to build a nuclear power plant in Hinkley Point – a project due to be completed by 2025.
China will also fund two other power stations – one in Sizewell in Suffolk and another in Bradwell in Essex.
Plans for the above-mentioned SinoFortune building two power stations based on biomass technology in Wales – one in Port Talbot and another at Holyhead – are also on the cards.
3. Deal to make a Legoland in China
Britain’s star theme-park operator Merlin Entertainment will build a Legoland amusement park in Shanghai.
Merlin chief executive Nick Varney said in a statement: “China is a key growth market for the Group and we see this partnership as providing a significant opportunity to accelerate our plans.”
As of today, Merlin operates five attractions in China including Madame Tussauds and Chang Feng Ocean World aquarium.
Within the next 18 months, it plans to open three further attractions in China.
4. Potential £2bn investment in manufacturing British buses
China’s BYD has gone into agreement with Falkirk-based Alex Dennis Limited (ADL) to build 200 single-deck buses.
If the deal is extended to double-decker buses, the partnership could be worth £2bn.
Wang Chuan-fu, founding chairman of BYD, said: “Working with top industry partners such as ADL will enable us to speed up acceptance of our vision for fully-electrified public transport systems.”
5. A £50m deal between Aston Martin and China Equity
Aston Martin has struck a £50m deal to develop a zero-emmision RapidE sports car.
No more details of the deal are known at the moment.
6. A £325m suite of creative and technology partnerships between the UK and China
BBC Worldwide is announcing that BBC Earth Films and China’s SMG Pictures are to co-produce a new documentary feature film for cinematic release in 2017.
Also, University of York has developed a £200m TV training programme that includes working with China Capital Investment Group (CCIG) to recruit 300 students a year from China.
Other ventures being announced today include a £25m agreement between Future TV and Scottish company Distrify to distribute the best of Chinese content internationally.
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