Wed, 07 Dec 2016 | COMMERCIAL PROPERTY
A village pub visited by then Prime Minister David Cameron and China President Xi Jinping has been snapped up by a Chinese firm for a reported £2 million.
SinoFortone Investment has bought the Plough at Cadsden, near Princes Risborough in Buckinghamshire.
The Plough hit the headlines in October 2015 when Mr Cameron and Mr Jinping popped in for a pint of beer and some fish and chips during a Chinese state visit.
The acquisition is the latest in a number of China-UK deals, including the £1.4 billion purchase of UK travel website Skyscanner by Ctrip.com.
The Plough is the nearest pub to Chequers, the Prime Minister’s country residence, and became popular with Chinese tourists following President Xi’s trip.
Peter Zhang, managing director of SinoFortone Investment, said: “We are so excited about this new strategic partnership and adventure, the English pub concept is growing very fast in China, and it's the best way culturally to link people from different countries and build friendships.”
The pub was sold through Christie and Co, who said Asian investors will continue to pursue deals in the UK market. The firm’s Neil Morgan said: “The Chinese market has huge potential and many opportunities, so it is one that we will see more activity in over the coming months and years.
“Asian investors are becoming more interested in UK markets, particularly hotels, licensed and leisure and we are seeing more and more Chinese investors in particular coming to us showing an interest both in British hospitality and leisure opportunities, and also in taking classic British themes to China.”
For in-depth analysis of China's growing investment in the UK, read our latest Subscriber-only report, Chinese firms winning out by buying UK businesses.
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