Chinese investment group, SinoFortone, has agreed to invest an initial £100 million in the London Paramount Entertainment Resort in North Kent.
London Paramount, scheduled to open in 2021 subject to planning permission, will include a theme park, events space and hotels on the banks of the River Thames. It is the first major leisure scheme to be designated a Nationally Significant Infrastructure Project (NSIP) by the UK Government and is predicted to attract 15 million visitors a year.
David Testa, CEO, London Paramount, said he was delighted that SinoFortone Group had chosen to invest in the project: “This shows that our vision for London Paramount and its location in North Kent with excellent transport links to London, Europe and the rest of the world, is appealing to investors, residents and tourists alike. SinoFortone Group of China’s decision reflects the unique economic and regenerative opportunity provided by this multi-billion pound project, which will employ thousands of people and be a huge additional offering to the UK’s entertainment and tourism industries.”
The deal is part of SinoFortone’s planned £5.2 billion investment in a range of projects across the UK.
Dr. Peter Zhang, managing director, and Sir Richard Heygate, senior advisor at SinoFortone Group, commented: “London Paramount is an ideal investment opportunity given its excellent connectivity to the capital. We are delighted to act as a bridge from China to this major European and British project, and are excited to be able to make London Paramount a reality.
“This investment supports President Xi Jinpeng’s important ‘One Belt One Road’ strategy, which encourages international infrastructure investment and trade relationships."
The announcement coincides with Xi Jinpeng 's visit to the UK this week. It also follows the recent visits to China by both the Chancellor of the Exchequer, George Osborne and Alderman Alan Yarrow, the Lord Mayor of London.