Chinese investors have taken a near 40% stake in a major retail, leisure and residential development just launched in Nairobi, Kenya.
The Two Rivers Investment Project, consisting of five-star hotels, office blocks, residential homes and shops, was launched at a ceremony attended by Kenyan President Uhuru Kenyatta, and China’s Ambassador to Kenya, Liu Xianfa, on Friday, 17 February, State news agency Xinhua reports.
For the first time, Chinese investors are investing directly. This is the biggest investment project for Chinese companies in Kenya’s commercial and urban development– Liu Xianfa, Chinese Ambassador to Kenya
Listed Kenyan developer, Centum Group, is leading on the scheme, which sits on 400,000 square metres of land and has an estimated value of $800m when complete.
Two Chinese firms, China National Aero-Technology International Engineering Corporation, and Jiangxi Water and Hydropower Construction Co., have jointly acquired a 38.89% stake in the scheme.
"For the first time, Chinese investors are investing directly," said Ambassador Liu Xianfa. "This is the biggest investment project for Chinese companies in Kenya’s commercial and urban development," he added.
The Friday launch followed the opening of the Two Rivers Mall, one of Nairobi’s largest, set to be part of the bigger Two Rivers development.
Nairobi County Governor Evans Kidero said the launch of mall was part of the city’s master-plan to establish urban satellite cities.
"It is one of the largest shopping complexes out of the 27 malls we have in this city. Nairobi has become the international mall destination," Kidero said, reported Xinhua.
Image: Artist’s render of part of the Two Rivers development in Nairobi, Kenya (Centum)