Birmingham City Council has signed a deal with Chinese developer Country Garden which will see up to £2 billion invested into the local economy.

A Joint Statement of Investment Commitment was signed between Council Leader John Clancy and the property company on Tuesday, 06 September.

Mr Clancy is on a week-long trade mission to China andHong Kong with the aim of securing investment opportunities to build houses and create jobs across Birmingham.

Prime Minister Theresa May is also visiting the country this week as part of the G20 summit and a large focus has been placed on Chinese investment in major UK projects.

Key features of the deal include:

• Explore large scale investment opportunities in Birmingham city region area with particular focus on regeneration and investment options related to the HS2 project.

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• Work jointly to find areas of collaboration with regard to delivering significant new housing stock in Birmingham city and the surrounding area.

Cllr 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.

"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. This is about building houses, jobs and futures for young Brummies and families across the region."

Country Garden founder and chairman Mr Yang Guoqiang added: "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."

(LM/CD)