Chinese developer inks £2bn deal with Birmingham

Birmingham Council has signed an investment deal with China’s fifth largest property developer Country Garden, worth a potential £2bn to the city’s economy.

The deal will see the Hong Kong-listed firm size up development opportunities in the region along the route of HS2 and work with the council to deliver new housing.

Founded in 1992, the residential-focused Country Garden employs 70,000 people and has a market cap of £14.5bn.

The deal was signed during Birmingham council leader John Clancy’s week-long trip to China to drum up “big-money” investors.

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.”

Country Garden founder and chairman Yang Guoqiang 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.”