HONG KONG • Country Garden, China's third-largest property developer by sales, has signed a preliminary agreement to invest up to US$2.7 billion (S$3.6 billion) in the British city of Birmingham, Chinese state media Xinhua reported yesterday.
Country Garden will initially explore large-scale investment opportunities in Britain'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.
Number of projects Country Garden has in mainland China
Commenting on the Xinhua report, a Country Garden official said investment talks are at an early stage. Birmingham city council leader John Clancy, who was in China for a week-long trade mission, signed the agreement with Country Garden on Tuesday.
Country Garden has more than 200 projects in mainland China. Its Forest City development in Malaysia's Johor Baru is the largest real estate project outside mainland China, and features homes on four man- made islands for as many as 700,000 people over the next 20 or 30 years.