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Birmingham Council has signed an investment deal with China鈥檚 fifth largest property developer Country Garden, worth a potential 拢2bn to the city鈥檚 economy.

The deal will see the Hong Kong-listed firm size up development opportunities in the region along the route of HS2 and work with the council to deliver new housing.

Founded in 1992, the residential-focused Country Garden employs 70,000 people and has a market cap of 拢14.5bn.

The deal was signed during Birmingham council leader John Clancy鈥檚 week-long trip to China to drum up 鈥渂ig-money鈥� investors.

Clancy said: 鈥淭his 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鈥檚 rapidly expanding economy.鈥�

Country Garden founder and chairman Yang Guoqiang said: 鈥淚 have been impressed with Birmingham鈥檚 ambition and huge potential and I am delighted to announce this investment commitment to support significant housing and infrastructure development in the city.

鈥淲e have a proven track record in delivering quality housing at a scale to match Birmingham鈥檚 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.鈥�