Salford has signed a high level agreement with a Chinese delegation to foster stronger cultural and trade links between the two cities.
The City Mayor of Salford Paul Dennett signed an agreement of cooperation and friendship with the Mayor of Urumqi Municipal Government in China, Ilham Sabir.
A delegation from Urumqi visited Salford (in February) as guests of Scarborough International Properties Limited (SIPL) and Hualing Group. The Middlewood Locks development is being delivered by Fairbriar International, a joint venture company between Scarborough International Properties Limited (SIPL), Hualing Group and Metro Holdings Limited.
The 24.5 acre Middlewood Locks regeneration scheme will deliver a vibrant new mixed-use neighbourhood which, in total, will provide 2,215 new homes and 900,000 sq ft of commercial space including a hotel, offices, shops, restaurants, a convenience store and gym. The site has a gross development value of over £1 billion.
Hualing Group, one of Urumqi’s most important businesses, arranged for the delegation to visit the UK to see key investment sites and Northern Powerhouse showcases: Salford and Sheffield.
Salford City Mayor Paul Dennett said: “Salford is a growing city with more than 9,000 businesses employing 122,000 people. It was interesting to meet and find out how much we share in common with Urumqi. We identified areas we can collaborate on including digital, e-commerce, low-carbon programmes, medical technology, housing, cultural development and sports.”
Kevin McCabe, Chairman of Scarborough, commented: “I am really pleased to have been able to facilitate this new partnership. There are enormous benefits, both business and cultural, that can be achieved from establishing relationships with our friends in China.”
The new agreement forms the basis of a developing relationship and exchange between the two cities.
Salford is currently a hub of investment interest with £4 billion of investment in the pipeline over the next decade. It is clear that it is the city’s time of growth and development: new iconic buildings, new infrastructure and public realm, housing, education, health facilities, businesses and retail are coming to fruition. It is poised to deliver 40,000 new jobs and 40,000 new homes by 2040.
Urumqi is the Xinjiang Autonomous Region's capital. It historically has been an important town of the ancient Silk Road which has now developed into a major trade and distribution centre for Central Asia. Urumqi has seen rapid economic growth since China has opened up and continued support from central government for both the city and the Xianjiang Region, confirms its importance to trade and investment – it forms the land based component of the new Silk Road Economic Belt.
Scarborough International Properties Limited (SIPL) is a specialist UK real estate, development and trading business which earns fee income from fund and asset management as well as project and development management. It benefits from the long standing Scarborough name which is well known throughout the property industry having undertaken many successful projects in Scotland, Northern Ireland, Wales and most areas of England including of late, stepping up the pace in the ‘Northern Powerhouse’ cities of Manchester, Leeds and Sheffield.
The size and scale of SIPL’s development activities alone have a combined Gross Development Value approaching £2 billion and it is fully expected over the next five years or so, profits of real substance will be earned by the Company and its subsidiaries or associates. For strategic reasons certain of SIPL’s principal transactions are structured with joint venture partners – some long established and situated in the United Kingdom and others secured due to the long standing business friendships built in the Far East, particularly Hong Kong, Singapore and China. SIPL’s real estate skills cover all sub-sectors of the market namely residential, commercial, retail, leisure; business parks, industrial and mixed-use projects.
Aside from its development activities, Scarborough’s name is synonymous with regularly enhancing value to its retained property assets many of which are traded to make constant and useful profit. Currently, the business owns and manages a portfolio principally of commercial and residential properties. The policy SIPL has of marrying highly valuable capital return based on development projects alongside securing ongoing income and trading profits from disposals should see the Group via SIPL continue its enviable track record and retain its reputation for delivering quality products to its benefit and that of its partners.
Scarborough has rebranded its residential division under the banner of FairBriar Group, a corporate name emanating from a formerly well-established and respected south east house builder, which in recent past years saw Scarborough Group with a controlling interest. Hualing and Metro now each own 25% of the FairBriar joint venture with Scarborough holding the 50% balance.
Listed on the Mainboard of the SGX-ST in 1973, Metro was founded in 1957 by the late Mr Ong Tjoe Kim. Metro has grown over the years to become a property development and investment group, backed by an established retail track record, with a turnover of S$145.8 million and net assets of S$1.4 billion as at 31 March 2015. Today, the Group operates two core business segments – property development and investment, and retail – and is focused on key markets in the region such as the People’s Republic of China, Indonesia and Singapore and the UK. Metro has already invested or committed to invest over £50 million into Scarborough projects in Manchester and Sheffield.
Hualing, established in 1988, is a private enterprise group based in Urumqi, Xinjiang, China. Urumqi is the capital of the Xinjiang province which is the largest province in China by land area. The Group is the second largest private corporate, and is the largest local property developer in the entire Xinjiang province. The Xinjiang province is bordered by Russia, Mongolia, Kazakhstan, Kyrgyzstan, Tajikistan, Afghanistan, Pakistan and India. It has abundant oil reserves and is China's largest natural gas-producing region.
The Group mainly operates in the fields of construction, managing and renting of trade centres, wholesale markets and hotel construction and management. It is also engaged in foreign trade, the development of a modern livestock industry, mining, foreign resources project development and is the largest shareholder in a bank in Georgia.
Hualing Group has four wholesale markets, more than 30 affiliated companies and around 3,000 employees in Xinjiang of China. Their total gross assets are approximately 3 billion USD, with a net value of 1 billion USD.
For further information please contact: Salford City Council Public Relations Department on 0161 793 3410 or email firstname.lastname@example.org.