Luxury apartments in Manchester backed by taxpayer loans are being sold off to Chinese landlords despite Labour’s pledge to crack down on . Developments part-financed by the Greater Manchester Combined Authority (GMCA), which is chaired by the Mayor of Greater Manchester Andy Burnham, are being marketed to buy-to-let investors in China. Telegraph analysis of Companies House filings suggests that hundreds of flats in two taxpayer-backed skyscrapers have been sold to Chinese investors.
It comes as the GMCA battles High Court claims it unfairly loaned large sums of taxpayer cash to local property developer Daren Whitaker. These public funds were used to help bankroll skyscrapers built by Mr Whitaker’s developer, Renaker. According to property marketing materials, Renaker has teamed up with estate agents in Hong Kong to attract overseas investors to the project.
One listing, which is for a proposed luxury skyscraper known as the 51-storey Contour Tower, sets out “10 reasons why you shouldn’t miss Renaker’s projects”. This document was drawn up as part of a Hong Kong event aimed at promoting Renaker to Chinese landlords. The event took place in March, just weeks before the GMCA approved a £69m loan designated for Renaker’s Contour development.
Promoted by Asia Bankers Club, a Hong Kong estate agent, a listing for the event said: “Don’t miss out on this chance to explore the magic of “The Renaker Effect” and secure your investment in one of the UK’s most ex.