Chinese government approve flow of millions of pounds into Merseyside

A KEY decision by the Chinese government has cleared the way for millions of pounds of investment to flood into Merseyside.
Officials have approved Chinese businesswoman Stella Shiu to invest in the ￡175m International Trade Centre (ITC) in Birkenhead docks.
The ITC is intended as the first phase of Peel Holdings’ ￡4.5bn Wirral Waters scheme, which itself is the sister project of the ￡5.5bn Liverpool Waters project to regenerate the city’s docklands.
The boost for the ITC, which is a joint venture between Peel and Ms Shiu, comes as the firm and Liverpool council celebrated UK government approval for Liverpool Waters this week.
Communities Secretary Eric Pickles announced he would not be calling a public inquiry into the 30-year skyscraper project which promises to create 20,000 jobs.

Peel’s development director Lindsey Ashworth said it was highly significant move by the Chinese government, which has to sign off investment into foreign countries in excess of $50,000.
Mr Ashworth said: “The Chinese government has approved the ITC investment. Now that we have got that approval it means we can start signing up tenants.”
That the Chinese government has not stood in the way of Ms Shui’s investment in the ITC is a positive sign that the country would sign off future investments Wirral and Liverpool Waters.
The ITC was originally intended to be the key Wirral location for events during the International Festival for Business in June and July 2014 but that now appears optimistic.
Despite highly encouraging responses from potential tenants for the ITC, the company will not start building until they are legally signed up.
The company said they have had massive interest from Chinese companies but now must ensure they have the right mix of businesses based at the ITC to ensure it for the long term.
A detailed planning application for the ITC is expected to be submitted to the council in coming weeks.
Mr Ashworth said he hoped work could start on the Liverpool Waters scheme next year.
Due to its size and concerns over its possible impact on the city’s Unesco World Heritage Site, the huge planning application was sent to Mr Pickles, after the council approved the project last year.
Mr Ashworth said: “We need better market conditions before we can start, but let’s be optimistic and say we will start sometime next year.”

The Liverpool project features 9,000 apartments, hundreds of offices, hotels, bars and a cruise terminal.
The project also envisages two clusters of tall buildings, including a 55-storey tower.
Mr Ashworth had previously said the company would abandon the project if the government called a public inquiry.
“The outcome of public inquiries is never guaranteed and it would have cost millions.
“This is the government saying it likes what it sees in Liverpool.
“It is also a statement that economic development is more important than what English Heritage say.”