Chinese Real Estate Company Invests USD 20 Million In Dar Es Salaam Beach Apartments Project

The Chinese real estate development company DongXing International Real Estate Limited is building a residential housing project - HUAFU for 98 apartments on a project area of 7,930 square meters along Msasani Beach, Dar Es Salaam. With the estimated value of the project to be around USD 20 million, HUAFU is assumed to provide flats for upper and middle class in Tanzania. Additional to housing construction, the company is going to renovate a 500 meter Mikocheni road part leading to the HUAFU project. DongXing had been operating in Tanzania for the last two years, and its Deputy Manager Mr Liu Yupeng is appreciative of government tax policies that favour foreign investors such as DongXing, as well as is hopeful that his company can create a joint venture with a Tanzanian firm to continue providing affordable housing. In a news conference held in Dar es Salaam on 22nd of April, Mr Yupeng stated: “Our motive is to provide quality and standard homes for local Tanzanians to own”, adding that “the project would among others contribute immensely to the highly needed tax revenues, as well as creating more jobs to Tanzanians”. According to the latest National Housing Corporation (NHC) report, there is a 3 million housing units deficit in Tanzania, with current annual growth of demand for urban houses being 200,000 units.