Country Garden, China’s third-largest property developer by sales, has signed a preliminary agreement to invest up to $2.7 billion in the British city of Birmingham, Chinese state media Xinhua reported on Wednesday.
Country Garden will initially explore large-scale investment opportunities in the UK’s second-largest city with particular focus on regeneration and investment options related to a high speed rail project, Xinhua said.
The partners will seek areas of collaboration to deliver significant new housing stock.
Commenting on the Xinhua report, a Country Garden official said investment talks are still at an early stage. Yang Guoqiang Chairman of Country Garden said
I have been impressed with Birmingham’s ambition and huge potential
Birmingham city council leader John Clancy, who was in China for a week-long trade mission, signed the agreement with Country Garden on Tuesday. (Reporting by Clare Jim; Editing by Sherry Jacob-Phillips)
China’s Country Garden agrees to invest in Birmingham – report