The Sunday Times reports that Chinese businessman Peter Zhang and his investment company SinoFortone, who have committed to a £100 million investment in the London Paramount theme park, have a trail of collapsed deals in the UK.
Despite high publicity agreements announced in 2015, including £2 billion agreed for biomass power plants and £10 billion for housing developments and transport links in Scotland, the only investment to complete to date has been in a £2 million pub in the Chilterns.
It was announced at the end of 2015 that the £3.2 billion London Paramount development had secured an initial £100m in investment from SinoFortone. The £100m is to be paid on the submission of a detailed planning application later this year.
Kent News reports that Andy Martin, on behalf of London Resort Company Holdings (LRCH), said, “SinoFortone publicly announced their intention to invest in October 2015 and that commitment is unchanged.
“We’re still working hard behind the scenes, developing our business plan and preparing our planning application for submission later this year.
“It’s no secret that this has taken longer than we would have liked, but this is a huge project and we’re determined to get it right.
“We’ll be sharing more news soon and look forward to updating everyone on the project.”