Work to build new, $8B city in South Africa to begin in 2015

04/10/2014 | Reuters · IOL.co.za (South Africa)

Shanghai Zendai Property of China plans to develop an "international residential community" near Johannesburg in South Africa for a cost of approximately $8 billion. The "Modderfontein New City" will have a 15-year build out and will feature a light-industry park, schools, offices, entertainment centers and housing for 100,000 people. The project is expected to create 50,000 jobs. Work is slated to begin next year. "[T]he new city will become a unique landmark that will transform Modderfontein into an international cosmopolitan asset with a cultural and art element," said Dai Zhikang, the founder of Shanghai Zendai Investments.

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Reuters · IOL.co.za (South Africa)

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