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Bolton Council and Beijing Construction and Engineering Group International (BCEGI) have agreed on heads of terms for the Chinese company to join a consortium that will execute the £1bn town centre regeneration project.
The council has confirmed in principle more than £250m private sector funding to develop a new retail and leisure destination that will replace the Crompton Place Shopping Centre on Victoria Square, as the first phase of the regeneration masterplan.
The council has worked with the Department for International Trade (DIT) and Greater Manchester Combined Authority (GMCA) to secure the involvement of Bolton Regeneration (BRL), a private consortium led by investment and development specialist Midia.
BRL has evoked interest from major institutional investors and agreed on the heads of terms with the Chinese company to join the consortium.
A formal announcement in this regard is expected to be made later in 2018.
The final selection of the preferred investor will be made in coordination with Bolton Council and its property advisors.