A deal has been signed between Birmingham City Council and the fifth largest property developer in China to focus on HS2 and deliver homes for Birmingham.
As part of the agreement, which is estimated to be worth up to £2bn to the local economy, the Hong Kong Stock Exchange-listed company Country Garden intend to explore large-scale investment opportunities in and around the city.
The news of this agreement follows this week’s China visit by Prime Minister Theresa May for the G20 summit. Following the referendum result, the government have being investigating the potential for Chinese investment in major UK construction projects..
Council leader Cllr John Clancy commented on the potential that China have to offer, saying “The landscape has inevitably changed post-Brexit and Birmingham is already out of the starting blocks. That’s why I’m here selling our city to many of China’s leading investors.
“This agreement is about bringing good jobs and quality homes to Birmingham. Country Garden have a proven track record of building homes at pace and scale. They have played a major role over the last 20 years, as housebuilders have met the massive demands of China’s rapidly expanding economy.
“Bringing this level of investment and experience to Birmingham would be a massive economic boost to the region’s businesses, skills base and families. It’s about bringing new, big capital spend to the city, quickly. This is about building houses, jobs and futures for young Brummies and families across the region.
“Country Garden understand the demands in Birmingham and are clearly excited at the prospect of investing in our young, growing city.”
Country Garden founder and chairman Mr Yang Guoqiang commented “I have been impressed with Birmingham’s ambition and huge potential and I am delighted to announce this investment commitment to support significant housing and infrastructure development in the city.
“We have a proven track record in delivering quality housing at a scale to match Birmingham’s ambitions and with major projects coming to the city, including the forthcoming High Speed two project, these are exciting times for Country Garden and Birmingham.”