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Shanghai Zendai Property Ltd has agreed to pay more than ZAR1.06 billion ($104.17 million) for properties in South Africa, the Shanghai-based company said in a statement to the Hong Kong Exchange and Clearings on Tuesday.
The properties are located in the Modderfontein area of Johannesburg, comprising a number of land parcels and buildings, totaling around 1,600 hectares. Modderfontein is on the main road to the OR Tambo International Airport in Johannesburg.
Johannesburg is the largest city of South Africa in terms of population and is expected to continue to grow under governmental support through massive infrastructure spending over the next 10 years.
Zendai plans to develop the acquired properties as a mixed-use zone including residential, commercial, light industrial and retail developments.
Zendai has property projects in 12 Chinese cities.