Chinese investor pledges £100m to London Paramount

London Resort Company Holdings (LRCH) – the company behind plans for the £3.2bn London Paramount entertainment resort – have announced investors, SinoFortone , will plough cash into the venture.

It follows talks in China and after an initial Memorandum of Understanding was signed in August - the statement said SinoFortone has access to significant Chinese funding which will benefit the project.

An image of what London Paramount could look like

London Paramount, set to feature a themepark, water park, business centre and hotels, is due to open in 2021 if to planning permission is passed by the Secretary of State for Communities and Local Government next summer.

It is the first major leisure scheme to be designated a Nationally Significant Infrastructure Project (NSIP) by the government and is expected to create up to 27,000 jobs, and welcome 15 million visitors per year.

London Paramount chief executive David Testa said: “We are delighted that SinoFortone Group of China has decided to invest.

"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.”

London Paramount chief executive David Testa

In a joint statement, Dr Peter Zhang, managing director, and Sir Richard Heygate, senior advisor at SinoFortone Group, said: “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.”

The announcement coincides with the trade visit to China by Chancellor of the Exchequer, George Osborne, and the UK Trade and Investment department, and also the recent visit by Alderman Alan Yarrow, the Lord Mayor of London. Chinese premier Xi Jinpeng is visiting the UK this week.

An image of what London Paramount could look like 

Lord Mayor Alan Yarrow said: “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.”

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Sandra Matthews-Marsh MBE, chief executive of Visit Kent which promotes the county’s tourism, said: “This exciting announcement comes at a time when Visit Kent is embarking on a wide-spread campaign to prepare the county to make the most of the growing potential of the Chinese market.

“Kent has always had a unique offer for foreign markets, boasting both heritage appeal and modern connectivity with the fastest rail links in the country to London and the continent.

“We have a diverse range of high-quality tourist attractions, including award-winning vineyards and stunning cathedrals, and London Paramount’s expected opening in 2021 will further increase our wow-factor to tourists.”