The Chancellor revealed Chinese firm Hualing Industry and Trade Group has agreed to invest in the two projects as he visited the company today.
Hualing will support the extension of the Thorpe Park development on the edge of Leeds - a major housing, office and retail scheme - and the second phase of the Sheffield Digital Campus in partnership with Yorkshire property firm Scarborough Group.
The announcement was made during Mr Osborne’s visit to the Xinjiang region, the latest stop on a trade trip accompanied by business leaders, Ministers and councillors aiming to showcase the North of England to Chinese investors as part of the Chancellor’s ‘Northern Powerhouse’ project.
Mr Osborne said: “We are building an ever closer relationship with China – it’s a partnership that is set to unleash growth and help regions like Xinjiang where we know investment can make a real difference, as well as unleash new growth back home, in places like our own Northern Powerhouse.”
The two Yorkshire projects along with a third in Manchester also receiving investment from Hualing are together worth around £1.2 billion.
Scarborough Group chairman Kevin McCabe said: “As a family business with its roots in the North of England, we are now very proud to bring our partners in China to the UK to invest in our great Northern Cities and to accelerate the development of our major projects in Manchester, Leeds and Sheffield.
“Our partnership with the Hualing Group is a new and exciting one for Scarborough and we look forward to working with them over the coming years to bring our Northern projects to fruition.”