Shanghai Zendai Property Ltd. intends to build a worldwide financial centre in Johannesburg, which it promotes as "Africa's future capital."
The Hong Kong-based property developer will invest 80 billion rand ($7.8 billion) in the 1,600-hectare mixed-use project in Modderfontein, Johannesburg, over the next 15 years. عقارات
At a press conference, chairman Dai Zhikang declared, "This will be on par with cities like New York in America or Hong Kong in the Far East."
The project has yet to be given a name. Bloomberg claims that it will feature up to 35,000 homes, an educational center, and a sports stadium.
According to the firm, the developer paid AECI Limited of South Africa HK$838.17 million ($108 million) for multiple parcels of land and structures.
The business, like other Chinese developers, wants to expand its global footprint. The facility might potentially be used as a base for Chinese companies wishing to set up shop in Africa.
Mr. Dai Zhikang added in the statement, "We have also been following the trend of channeling investments overseas, as adopted by other Chinese firms, looking for property development projects of adequate scale that allow for worldwide expansion."
The project's present production location is around 15 kilometers east of Sandton, the city's main financial hub, and around the same distance from OR Tambo International Airport, Africa's largest airport, according to the business.
Johannesburg is already a hotspot for firms looking to invest in Africa, but Mr. Dai claims that the city is running out of space to meet the rising demand for offices and houses.
According to Bloomberg, Shanghai Zendai will collaborate with other developers while also putting its own funds in the project. The project is intended to generate 100,000 employment and provide housing for around 100,000 people.
The company's first project outside of the United States was a mixed-use complex in Auckland, New Zealand, which opened in 2011.
Shanghai has implemented new housing regulations.
Shanghai is enacting stronger restrictions to calm the city's surging home prices, a move that could signal a broader tightening across the country.
The minimum down payment for second-home purchases in Shanghai will be raised from 60% to 70%, according to a statement from the city's housing bureau.
Analysts anticipate China's Communist Party will impose additional restrictions on the property business this weekend in order to cool surging prices.
In a study, Mizuho Securities analyst Alan Jin stated, "We believe the government would be forced to take some measures to cool off the market."
Higher down payments, more limitations on financing and mortgage rates for second houses, and delayed mortgage loan approvals might all be part of tougher measures.
Migrant families in Shanghai without residence permits will be required to pay their monthly social security payments or income tax for two years before they can buy their first property in the city under the new Shanghai guidelines. According to Reuters, before, only one year of payment was required.
Shanghai is one of the most expensive cities in China, with prices up 15% from the previous year in September. Despite government efforts aimed targeting the housing sector, home prices have been rising across China. Shanghai's increased minimum down payment follows similar tighter policies in Shenzhen and Beijing.
Shanghai's administration also announced today that it will boost the supply of land for residential dwellings while lowering the standards for public housing.