London Resort Company Holdings has secured a deal with Chinese investment group SinoFortone to invest an initial amount of £100m in its upcoming Paramount Theme Park.
SinoFortone has access to significant Chinese funding to benefit the London Paramount Entertainment Resort project and the deal was made after an initial Memorandum of Understanding was signed in August 2015.
The London Paramount entertainment resort will include a theme park, events space and hotels on the banks of the Thames in North Kent and is due to open in 2021, subject to planning permission from the Secretary of State for Communities and Local Government.
The project will create up to 27,000 jobs and expects to receive 15 million visitors per year once fully established.
“We are delighted that SinoFortone Group of China has decided to invest," said David Testa, CEO, London Paramount.
"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.”
Dr. Peter Zhang, managing director, and Sir Richard Heygate, senior advisor at SinoFortone Group, added: “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. Given the President’s October visit to the UK as a guest of Her Majesty The Queen, it is well-timed.”
Lord Mayor Alan Yarrow added: “It is very encouraging to see sustained Chinese investment in large scale UK projects such as London Paramount. 2015 marks the beginning of a ‘golden era’ in Anglo/Sino relations as we look to encourage further collaboration and facilitate inward investment for Chinese firms across all sectors.”