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£100m Investment into Paramount Theme Park

Michael Janney, partner at Brachers LLP, comments

Chinese president Xi Jinping's recent visit to the UK may have garnered many of the national news headlines, but it was the announcement by SinoFortone, a little known Chinese real estate company, of a £100m injection in Paramount Park which surprised many in the construction industry. This marks the largest single investment by a Chinese company into the UK leisure industry, and is a feather in the cap for Kent's economy.

The group are waiting to get the green light from the Secretary of state for communities and local government minister Greg Clarke, but if granted, the resort will have over 50 exciting rides and attractions themed around the film and television programmes of the Paramount Pictures Corporation and British producers.

The resort will include hotels, restaurants and bars, and the UK government has labelled the scheme a 'nationally significant infrastructure project' (NSIP), which means it can be fast tracked through the planning process, although final approval for these schemes can never be wholeheartedly guaranteed.

To be of lasting value to the North Kent region and the UK, however, the project must deliver on its promise to bring employment opportunities and economic growth. The UK has long needed such a visitor attraction and this is designed to be the best of its kind. In addition to the theme park, there will be over 11,000sqm of exhibition space showcasing British inventions and brands, and up to 50,000 quality hotel rooms.

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