The city of Yorkshire in central England has granted the go-ahead for a 65-million-pound (75.23 million U.S. dollars) development project aimed at attracting Chinese-owned businesses.

The city council's planning committee has granted the go-ahead for the project, and work is expected to start this summer.

Known as New Era Square, the project has attracted significant funding from Chinese investors, and will create a "cosmopolitan, international, multi-cultural square," according to the developers.

The developers say the proposed Chinese Business Incubator will provide a boost for trade and enterprise between Britain and China.

In total, the development is expected to create over 400 new jobs in the city.

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