China’s third biggest residential property developer, Country Garden, is reported to be planning to build “tens of thousands” of homes in and around London, taking advantage of a “golden opportunity” presented by political uncertainty.
“They want to build new towns. It’s not just a few thousand houses,” a source close to the company told Property Week magazine, with a ten-strong delegation having recently visited the UK.
Brexit and the various other global democratic wildcards mean that there’s less competition for major real estate deals, and currency movements are providing even more incentive for Chinese billions to get involved in Britain now. Property Week reports that Country Garden is eyeing up significant land deals and regeneration sites in London and the commuter belt, with billions to spend on resi-led projects. The company’s current schemes include the futuristic Forest City near Singapore – which is said to be costing around £79bn and will house around 700,000 people.
Country Garden already operates in the UK (the firm’s UK investment manager is a Mr Yang Yang), signing a chunky statement of investment with Birmingham City Council last year, which councillors say could be worth up to £2bn to the local economy.
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