The mixed-use project is the flagship in Bolton’s £1.2bn town centre regeneration plan put together by real estate investment and development specialist Midia and Bolton Regeneration Limited.

The shopping centre and surrounding area will now be converted into a new retail, leisure, office and residential destination while opening the streetscape to provide pedestrian links to Bradshawgate.

Under the new deal BCEGI will partner Midia on the Victoria Square scheme.

The Chinese contractor is already an equity and construction partner on the £1bn Airport City, Manchester, the preferred contractor for the new £1bn Salford mixed-use neighbourhood, Middlewood Locks and main contractor on The Lexington, Liverpool a £90m 35-storey residential development.

Yu Dongwen, lead director, BCEGI said: “We are committed to the UK, particularly the Northern Powerhouse region and we look forward to working with Midia to bring forward the redevelopment plans for Bolton town centre.”

Bolton Council Chief Executive Tony Oakman said: “As a council, we have committed £100m to create a town centre we can all be proud of and it is clear this has given major international real estate investors and developers the confidence to invest in Bolton’s future.

“As a result of the commitments already by private sector investors, we are confident of exceeding the original £1bn investment target within our plan.”

Bolton Council’s Masterplan contains proposals to transform the town centre by creating 1,800 new homes, and £412m of extra economic activity.

It is focused on five key areas: Crompton Place; Trinity Quarter; Cheadle Square; Church Wharf; Croal Valley/Central Street.