Chinese property agreement "worth £2bn" to city’s economy
CHINESE property development group Country Garden has signed an agreement with Birmingham City Council that could ultimately result in a £2bn fillip to the city’s economy.
It has signed a “joint statement of investment commitment” and will now begin to explore large scale investment opportunities around regeneration and HS2, and to see how the two parties can work together to deliver “significant new housing stock”.
Birmingham City Council leader Cllr John Clancy, who is on a week-long trade mission to China and Hong Kong, 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.
“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 is the fifth-largest property developer in China, employing 70,000 people and valued at £14.5bn. It is based in the province of Guangdong – formerly known as Canton – in south-east China.
Country Garden founder and chairman Mr Yang Guoqiang said he has “been impressed with Birmingham’s ambition and huge potential”.
He added: “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.”
