‘New York of Africa’ coming soon

Author: 

Zandi Shabalala

Publication date: 

Wednesday, 6 November 2013

Type: 

  • Article

Producer: 

External to ACUI

Project theme: 

Johannesburg - Explosives and chemicals firm AECI had given preference to Chinese land developers in the sale of a 1 600 hectare site as they could buy a larger portion of its Modderfontein property with more than R1 billion up front, chief financial officer Mark Kathan said yesterday.
Kathan said that local buyers “never made firm offers” and only expressed interest to buy small pieces of the 1 600ha of undeveloped land which is managed by AECI’s Heartland subsidiary.
Hong Kong Stock Exchange-listed Shanghai Zendai Property will develop the mixed-use site over a period of 10 years and has expressed an interest in collaborating with local developers on projects.