Birmingham Council signs £2bn Chinese deal

Cllr John Clancy, the leader of Birmingham City Council, has signed a development deal worth up to £2 billion with a Chinese company.

Declaring the region ‘open for business’, Clancy and Chinese property development company Country Garden have agreed a deal that will see the Guangdong-based company explore large scale investment opportunities in Birmingham city region area, with particular focus on regeneration and investment options related to the HS2 project.

The two parties will also jointly work on finding areas of collaboration with regard to delivering significant new housing stock in Birmingham city and the surrounding area.

Clancy said: “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.”

Yang Guoqiang, Country Garden founder and chairman, said: “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.”