City attracts £300m investment from Hong Kong creating over 1,000 new homes
Birmingham courted Asia’s leading investors last week as a range of city projects were showcased at international property summit MIPIM Asia.
City council Corporate Director for Economy Waheed Nazir led a Birmingham delegation at the two-day Hong Kong event, aiming to capitalise on the city’s growing reputation in Asian markets as a prime real estate investment market.
He outlined Birmingham’s growth agenda and highlighted the huge investment opportunities presented by a range of major projects including Birmingham Smithfield, the Curzon Investment Plan and the forthcoming High Speed Two rail project.
The delegation also met some of Asia’s largest institutional investors who are now looking to Birmingham to provide the conditions to drive UK growth post Brexit. In recent months Hong Kong based funders, and their wider Asian investment base, have been very active in the city centre residential development market following the city’s promotional activity in the Greater China region over the past year.
Waheed Nazir said: “Birmingham has a growing reputation in Asian markets as an investment destination. Leading Asian investors see Birmingham as an attractive proposition due to our youthful demographics, key occupiers such HSBC coming in, the progression of HS2 and a diverse set of investable propositions.
“And it’s not just the major projects that are generating interest. This year we’ve attracted Hong Kong investments of almost £300m, helping to deliver over 1,000 new homes across the city centre and following key meetings this week I’m confident this is just the beginning.
Leader of the council Cllr Ian Ward added: “Exciting things are happening and we’re not sitting around waiting for the Government’s Brexit negotiations, we’re already out of the blocks and talking to significant investors from around the world.
“Birmingham’s rapid economic growth and HS2 mean we’re seen as an increasingly attractive proposition for major global investors. Our city has changed a great deal in the last five years and the next five years could see even more significant change.
“The major projects already underway and those in the pipeline don’t just transform the city skyline, they transform lives by providing homes, jobs and opportunities.”
British Consul General to Hong Kong, Andrew Heyn said: “All of our big regional cities are punching above their weight out here. Hong Kong is a key gateway city for the whole of Asia and this market is increasingly attractive to investors who are looking for new locations for capital. Birmingham’s growth and its regeneration story has caught the attention of Asian investors whose ambitions match the scale of Birmingham’s development plans.”