China’s planned new economic ‘assault base’ into Africa seen as extremely ambitious
KEVIN CROWLEY, BLOOMBERG
The Asian giant wants to develop Johannesburg suburb into the ‘New York’ of Africa.
SHANGHAI Zendai Property Limited’s plan to develop a suburb northeast of Johannesburg into the “New York of Africa” is “extremely ambitious,” according to AECI Ltd., the chemicals company that sold the land last year.
Shanghai Zendai bought the 1,600-hectare (3,954-acre) plot for 1.06 billion rand ($91 million) from AECI last year and announced plans to build a financial centre and 35,000 houses to rival Johannesburg’s current business hub of Sandton.
“The problem is a lot of it is agricultural land,” Mark Dytor, chief executive officer of the South African chemicals and explosives manufacturer, said by phone Tuesday.