1. ITV Report

Chinese construction firm on board for Airport City project

Manchester Airport Photo: Martin Rickett/PA Wire

A Chinese construction company has been confirmed as part of a venture that will develop an £800 million business park next to Manchester Airport. The scheme, which it's hoped will be completed within the next ten years, could create up to 16,000 jobs in the North West.

The joint venture agreement with Beijing Construction Engineering Group (BCEG), Carillion PLC and the Greater Manchester Pension Fund (GMPF) at Manchester Airport will see Airport City be the core element of the Government-designated Enterprise Zone surrounding the airport. The objective of siting the zone around Manchester Airport alongside supporting sites in South Manchester was to help attract international businesses that could contribute an additional 16,000 jobs in the North West of England. Argent has been appointed by the joint venture as development manager for the scheme.

Charlie Cornish, Chief Executive of MAG, said: "We are delighted to confirm organisations of global standing as our joint venture partners. The inclusion of BCEG is significant because as a Group, we have been keen to forge greater links with the Far East and this gives us an opportunity to strengthen vital business links with China. With GMPF on board, Greater Manchester is investing in the future of the North West and Carillion bring sector-leading experience in project finance, delivery and sustainability, both in the UK and internationally. In Argent, we have one of the most renowned developers in its field and by working together as a partnership, we are well positioned to deliver the UK's first Airport City."

Airport City is expected to be one of the largest regeneration schemes in the UK since the Olympics redevelopment in East London.

The news was announced this morning by Chancellor George Osborne during a visit to Beijing.