London, Aug 28 (IANS): Football icons Gary Neville and Ryan Giggs have won backing from China and Singapore for a massive $300 million re-development scheme in the heart of Manchester.

The company, owned by the former Manchester United stars, is to redevelop a key site close to Manchester Town Hall, used for many years as the city's police headquarters, reports Xinhua.

Beijing Construction and Engineering Group (BCEG) and Singapore-based Rowsley Ltd are both investing funding into the multi-million dollar project.

The Chinese company has already ploughed millions of dollars into the $1.23 billion airport city project being created at Manchester airport.

The deal is seen as a major shot boost for Manchester city center, with ambitious plans to build offices, bars, restaurants, apartments and a five star hotel as part of the development, to be called St Michael's Manchester.

Neville said on Thursday: "This represents a very important milestone for the development of St Michael's. To secure funding for the project this early in the process is a fantastic achievement and demonstrates great confidence in the city."

"Moving swiftly is key and huge credit goes to Rowsley and BCEG for their committed approach in the last two months. We are all truly excited at what can be achieved with this innovative and inspiring development."

Beijing Construction Engineering Group is the Chinese state-owned company involved in Airport City, currently under construction.

Xing Yan, managing director of BCEG, said on Thursday: "We are delighted to be investing in such a prestigious scheme and are looking forward to working with our new partners to ensure St Michael's long term success."