Publications
Partners
Johannesburg - Gauteng premier Nomvula Mokonyane on Wednesday welcomed a multi-billion rand deal with a Chinese firm to turn property in Modderfontein into a business hub.
"We are extremely excited by the news of this investment, which has been long in the making," she said.
"We believe this is a definite sign that we are doing something right in Gauteng."
Chemicals group AECI announced on Tuesday it had sold 1600 hectares of property in Modderfontein to Hong Kong-listed company Shanghai Zendai for about R1bn.
AECI would keep control of the Modderfontein Reserve, which was not part of the deal.
The Chinese firm had committed to investing about R80bn over 10 to 15 years to turn the area into a business and tourism hub.
Mokonyane said the development was expected to include residential, commercial and retail development. It would help create jobs and enhance economic activity in Gauteng.
"We are thankful that Shanghai Zendai chose to bring its business to Gauteng and assure the investors that we, as the Gauteng provincial government, will continue to work with them to ensure that their vision of building a major business and tourism hub becomes a reality."
Shanghai Zendai's chairperson Dai Zhikang was quoted in the Business Report on Wednesday as saying the development would transform the property into a "New York of Africa".
"It will become the future capital for the whole of Africa," he reportedly said.
"This will be on par with cities like New York in [the United States of] America or Hong Kong in the Far East."
- Fin24
Add your voice to our Property Issue:
* Write a guest post
* Share a personal story
* Ask the experts
