The UK city of Birmingham (pictured) has inked a deal with the fifth largest property developer in China that could be worth up to £2bn ($2.7bn) to the city’s economy.
The agreement with property developer Country Garden will explore large-scale investment opportunities in Birmingham, with particular focus around the proposed new high-speed railway, HS2, reports Construction Manager.
I have been impressed with Birmingham’s ambition and huge potential– Yang Guoqiang, chairman, Country Garden
Country Garden also agreed to work with the city 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.
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Image: Birmingham, UK (JimmyGuano/Wikimedia Commons)