According to property marketing materials, Renaker has teamed up with estate agents in Hong Kong to attract overseas investors to the projects.
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 exciting cities.”
Concerns over foreign investment and the use of taxpayer support in Manchester’s building boom come as Angela Rayner, the Deputy Prime Minister, attempts to tackle Britain’s housing crisis.
In the general election campaign Labour unveiled plans to introduce a stamp duty surcharge on overseas landlords, as it seeks to boost homeownership among Britain’s first-time buyers.
In an article for The Telegraph, Ms Rayner said: “It isn’t fair that first-time buyers lose out to those who just want to make a quick bit of money, so Labour will give couples ‘first dibs’ on houses going up in their town or city.
“It’s a real frustration that international investors can buy up houses before local people get a look in. It’s a matter of fairness.”
The GMCA’s financial ties to Renaker have come under increasing scrutiny in recent weeks.
At a council meeting, the authority’s investment director Laura Blakey confirmed that the GMCA has approved £598m worth of loans to Renaker since 2016.
However, the terms of these loans have been kept secret.
John Leech, a Liberal Democrat councillor who sought to question Ms Blakey at the hearing, said he was concerned over the lack of transparency surrounding the payments.
Most of the loans have since been repaid, said Ms Blakey.
However, rival developer Aubrey Weis has sued the GMCA in the Competition Appeals Tribunal for “distort[ing] Manchester’s property market” by providing Renaker with “advantageous treatment”.
