Chinese developer signs £2bn deal to transform UK city

Chinese developer signs £2bn deal to transform UK city



A Chinese property developer has pledged to invest up to £2bn in the Birmingham economy.

Guangdong-based Country Garden signed the agreement after a meeting with Birmingham City Council leader John Clancy, who was on a week-long trade mission to China and Hong Kong.

The partnership will include regeneration and investment options related to the HS2 rail project, and help to deliver significant new housing stock in Birmingham and the surrounding area.

“The landscape has inevitably changed post-Brexit and Birmingham is already out of the starting blocks,” councillor Clancy insisted.

“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.”

Founded in 1997, Country Garden has worked on 384 projects around the world.

The business employs approximately 70,000 employees and has provided housing for three million homeowners.

Yang Guoqiang, founder and chairman of Country Garden, added: “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 [HS2] project, these are exciting times for Country Garden and Birmingham.”

Before Brexit, Chinese interest in London property was said to have declined following the introduction of changes to stamp duty.

However, momentum has picked up following the vote with Chinese developers announcing just last week plans to build western Europe’s tallest residential tower in London Docklands.


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