Birmingham City Council has inked a deal with the fifth largest property developer in China that could be worth up to £2bn to the local economy.
The agreement with property developer Country Garden will explore large-scale investment opportunities in Birmingham, with particular focus around HS2.
It has also agreed to work with the council to deliver large numbers of new homes. Council leader John Clancy signed the joint statement of investment commitment with Country Garden on a week-long trade mission to China.
Cllr Clancy said: “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.”
Founded in 1992, Country Garden has developed 300 high-end township developments, 54 five-star hotels and more than 2.5 million properties. Country Garden founder and chairman Yang Guoqiang added: “I have been impressed with Birmingham’s ambition and huge potential.”
The deal follows on from Sheffield City Council signing a deal with China’s Sichuan Guodong Construction Group in July, to invest up to £1bn over the next 60 years.
Also this week, Chinese residential developer Greenland Group announced plans to go ahead with construction of its £800m Spire London residential tower project in London Docklands.
At over 235m, the 67-storey residential tower will rank as the tallest in the UK and Western Europe once complete in 2020. Above-ground demolition works at the site at the western end of the north dock in Canary Wharf have already been undertaken. Piling for the tower will begin in January with the tower scheduled to reach the halfway point in height during the summer of 2018.
Over the past year China has shown interest in the northern part of England. Manchester has also been identified as a key strategic market and partner with the country. In particular the concept of the Northern Powerhouse has captured the imagination of Chinese investors, at state, institutional and individual level.
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