Shanghai Zendai Plans $7.8 Billion ‘New York of Africa’
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Shanghai Zendai Property Ltd. plans to transform a Johannesburg suburb into the “New York of Africa” with an 80 billion rand ($7.8 billion) investment over the next 15 years, Chairman Dai Zhikang said.
The company, based in Hong Kong, will build a financial hub, as many as 35,000 houses, an educational center and a sport stadium in the 1,600 hectares (3,950 acres) of land it purchased from AECI Ltd. in Modderfontein, eastern Johannesburg.