Manchester continues to attract Chinese investment

It seems interest from Chinese investors continues to grow in Manchester, with some of the Chinese property portals claiming searches have been 53.8% higher in January than the previous months.

And it isn’t just property that’s boosting Manchester’s economy, as estimates suggest over the next 10 years’ tourism and air travel will generate £500m, double the current annual value of £250m.  Nearby Manchester airport now offers direct flights to China, helping local business and investment.

There has been much debate over what the total value of this overseas investment maybe worth to the city.  Some Chinese forums have indicated an estimate £2.1bn of construction has received Chinese funding, and as a country of investors they now represent the largest contributor to Manchester.

Much of this growth has been attributed to the falling value of the pound.  When Britain decided to leave the EU, the value of sterling plummeted, creating sizable discounts on much of the cities properties.  With the pound beginning to recover many saw this as the right time to invest, the pound could fall no further.

With plans to create 227,000 homes by 2035, the city is likely to continue to see strong investment.  With more rental stock entering the market it could prove good news for residents, who face expensive city centre rental prices, created by local demand for city centre living.