Investment inquiries from China into Manchester property have increased by more than half as excitement about the Northern Powerhouse initiative continues to grow.
Juwai.com is a Chinese online property portal for buyers looking to invest in property overseas and it has stated that in November the amount of Chinese interest in Mancunian property has increased by 53.8%, compared to the same month in 2015.
At the same time, Manchester Airport Group has doubled its estimate of the value to the local economy of direct flights from Beijing to Manchester, the Telegraph reports.
The group states that, ten years from now, the economic impact of Chinese visitors to the region will be worth £500m, doubling the current value.
The Manchester-China Forum, a group promoting commercial ties between the two places, estimated that in 2016 a total of £2.1bn worth of development have had Chinese involvement.
One of the biggest projects of the year was by Beijing Construction Engineering Group’s (BCEG’s) involvement in the Middlewood Locks in Salford, worth £700m and providing 2,215 homes.
Mr Whalley said:
The property sector has been one of the most active recipients of growing connectivity between China and the UK”
Part of the reason for this increase is Manchester’s future growth, as it plans to add 227,000 homes and 200,000 jobs by 2035. It was also prompted after President Xi Jinping toured Manchester in October 2015.
Only months later, in December, a Chinese company decided to buy the pub that the President drank in.