Investors from Hong Kong and Macau have signed a £55 million residential development deal, Birmingham city council has confirmed.

At least 214 apartments are set to be built on a brownfield site at 21 William Street in Ladywood. The Cedar House was formerly a data centre.

In September, Birmingham City Council signed a joint statement of investment commitment with County Garden, the fifth biggest property developer in China, which it said could be worth up to £2 billion for the city’s economy with regard to direct investment into infrastructure and housing.

John Clancy, the council’s leader, said that the deal could be worth up to £5 billion to the city.

During a trip to Singapore, China and Hong Kong last year, Mr Clancy met with investors where he outlined Birmingham’s open approach to Asian investment, in particular residential development in the city.

He explained: “This is excellent news and demonstrates that Birmingham is open for business in a challenging post-Brexit landscape.

“Coming on top of the £2bn agreement with Country Garden to deliver much-needed homes for our citizens, this is proof that Birmingham can attract global investors.

“There’s a housing crisis in this country and Birmingham is no exception. We need more affordable homes, we need more social housing, and we need to give people hope.”

Waheed Nazir, Birmingham City Council’s Strategic Director for the Economy, said that the new investment is of vital importance to this growth agenda.

Nazir continued: “Announcements like this, together with the recent launch of a £724m investment plan to maximise the benefits of HS2, demonstrate that confidence in the city is high.

“The delivery of new homes, quality of life and employment opportunities will continue to see Birmingham as an attractive place to invest.”

Top Capital Group will act as the funder and ultimate owner of the site through the establishment of William Street Investment Co, which will buy a long lease on the land.