U.K.-based housing association Your Housing Group has formed a £2.5 billion ($3.1 billion) joint venture, which aims to develop 25,000 modular homes by 2022.
The partnership is with WElink Group, which also takes in partners with Beijing-based China National Building Material Co., its subsidiary China Triumph International Engineering Co., and Spanish firm Barcelona Housing Systems, which will provide the steel-framed, panel-based build system.
Under the deal, CNBM has committed to build six factories across the United Kingdom. The partners are currently looking at factory sites throughout the United Kingdom. The first project, in Liverpool, is expected to receive planning permission in January.
WElink Group was founded in 2007 and is an international provider of renewable energy and low-carbon construction solutions. CNBM is a state-owned but publicly traded Chinese company with net assets said to be in excess of $85 billion.