Birmingham City Council has signed a major deal with a Chinese property developer that could be worth up to £2bn for the city’s economy.
The council has signed a joint statement of investment commitment with Country Garden, China’s fifth largest property developer.
The deal will see Country Garden exploring investment opportunities in Birmingham city region with a focus around High Speed 2 and housing delivery.
Council leader John Clancy, who signed the deal, 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.”
The deal comes at the same time as Theresa May’s visit to China for the G20 summit.
The prime minister publicly backed the Midlands Engine last month, outlining plans to make it a “powerful engine for growth”.
She also backed HS2 and a £1.8bn investment to upgrade the Midlands transport network.