A consortium of investors from Hong Kong and Macau will fund the development of a residential site in Birmingham, England, the local city council recently announced in a joint statement with the Chinese investment company Country Garden.
The GBP2 billion deal, which Birmingham City Council leader John Clancy told UK-based Construction News could overall be worth up to GBP5 billion for the city’s economy, will construct a minimum of 214 apartments on a site that was formerly a data center.
The decision follows Clancy’s visit to China in September where he and Country Garden representatives signed an investment agreement.
According to Clancy, the deal is an indication that the city is still attractive to overseas investors, despite Britain’s June referendum that saw voters choose for the country to exit the European Union.
“This is excellent news and demonstrates that Birmingham is open for business in a challenging post-Brexit landscape,” he said.
“Coming on top of the GBP2 billion agreement with Country Garden to deliver much-needed homes for our citizens, this is proof that Birmingham can attract global investors.”
Country Garden, based in Foshan in Guangdong Province, is China’s fifth-largest property developer, boasting a market capitalization of over USD8 billion as of 2014.
Executive of Chinese property developer Country Garden, Johnson Zhang
Hong Kong-Macau consortium inks UK deal