China developer to invest £3b in UK

[LONDON] Dalian Wanda, the property developer headed by China's richest man, plans to invest up to £3 billion (S$6.3 billion) in regeneration projects in Britain, Britain's prime minister said on Friday.

Prime Minister David Cameron unveiled the investment after meeting Dalian Wanda's chairman Wang Jianlin in Davos this week. It comes after Mr Cameron led the largest-ever British mission to China last December that involved about 100 business people. "When I met chairman Wang Jianlin during my recent trade visit to China, I encouraged him to make further investment into Britain. So I'm delighted that Wanda has decided to invest £2-3 billion in regeneration projects so soon after my visit," Mr Cameron said. "This will help to create jobs in Britain and it's a great example of how we can benefit from foreign investment."

Last year, Mr Cameron launched a government-backed body to help foreign investors identify and fund UK regeneration projects after securing international funds for the Battersea Power Station project and Chinese investment for London's Nine Elms and Royal Albert Dock and Manchester City Airport.