Hong Kong-based firm will build “New York of Africa” in South Africa

Will invest US$7.8 billion in the project.

Shanghai Zendai Property Ltd. plans to transform a suburb in Johannesburg, capital of South Africa, into the “New York of Africa” in a 15-year project, said Chairman Dai Zhikang.

“It will become the future capital of the whole of Africa,” Dai said. “This will be on par with cities like New York in America or Hong Kong in the Far East.”

The development will become the hub for Chinese firms investing in sub-Saharan Africa.

Shanghai Zendai Property will build a financial hub; some 35,000 houses; an educational centre and a sport stadium in the 1,600 hectares of land it recently purchased. The area is some 15 kilometers east of Sandton, the city’s main financial center.

It will invest its own money in the project and work with other developers. When completed, the city will provide jobs for 100,000 people and house about 100,000 more.