China invests $1.3 billion in U.K. airport city

Thanks to Chinese investment, the U.K. is embarking on its biggest development project since the 2012 Olympics.

It's set to be the biggest development project in the United Kingdom since the 2012 Olympics, but it won't be taking place in London.

China and the U.K. are entering into a $1.3 billion joint venture to develop land around Manchester Airport, the third largest in the U.K., British Chancellor George Osborne announced earlier this week during a five-day trip to China to boost trade relations.

The deal, signed by China's Beijing Construction Engineering Group (BCEG) and the U.K.'s Carillion Plc and the Greater Manchester Pension Fund, will construct hotels, offices, and manufacturing sites in the 5 million square feet surrounding the airport.

"I think it shows that our economic plan of doing more business with China and also making sure more economic activity in Britain happens outside the City of London is working," Osborne said.

As Russia Today points out, the Britain recently announced a "super priority" visa system to simplify the visa process for Chinese businesses and wealth Chinese to help attract greater investment. Britain has attracted twice the investment from China of any other European country.

Read more: BBC, Russia Today

Photo: Flickr/Airviewsphotos

This post was originally published on Smartplanet.com

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