Cementing a brighter future for Africa's booming new housing market

CITIC Construction uses team approach to develop housing projects, reports Hou Liqiang.

Hong Bo, assistant president of CITIC Group and chairwoman of CITIC Construction Co Ltd, has found a way to combine profitability with public welfare. In Angola, her company has built a new city while leaving the country with a whole operational industry chain and a skilled labor team for future development.

While Hong's firm sets an example for many Chinese companies, it is also trying to replicate its experience in more African countries. On May 29 in Nairobi, CITIC Construction, a Chinese multinational construction and engineering company, announced the launch of a $300 million investment with the International Finance Corp, a member of the World Bank Group, to develop affordable housing in sub-Saharan Africa. It will start by developing homes in Kenya, Rwanda and Nigeria, and then expand to other countries.