South Africa

Hong Kong Property Firm Makes First Venture Into Africa With South Africa Deal

Shanghai Zendai

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JOHANNESBURG: Hong Kong property firm Shanghai Zendai took its first venture into the African market on Tuesday with a deal worth $104 million to develop land in Johannesburg, South Africa's commercial hub.

Shanghai Zendai purchased a 1,600-hectare parcel of land in the eastern Johannesburg suburb of Modderfontein and plans to redevelop it over the next 15 years into a commercial, residential and light industry hub.