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Chinese developer to build financial hub in Johannesburg

A Chinese developer has plans to build a financial hub in eastern Johannesburg that it boasts will rival New York City and Hong Kong, Bloomberg’s Kevin Crowley reports.

Johannesburg already has a financial center, Sandton, but the new city – yet to be named – would offer more office space for Chinese firms rushing to invest in sub-Saharan Africa. Construction would span 15 years at a cost of 80 billion rand ($7.8 billion U. S.).

The metropolis would include 35,000 residences, an educational center and sports stadium. “It will become the future capital of the whole of Africa,” promised Dai Zhikang, chairman of Shanghai Zendai Property Ltd., at a November press conference, according to Bloomberg.

The Economist notes here that China is Africa’s biggest trading partner, with $200 billion U. S. worth of goods traded in 2012. More on Sino-African trade from Fortune.

Source: 
Bloomberg

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