Latest news with #CiticGroup
India.com
02-08-2025
- Business
- India.com
After Pakistan, China plans to capture THIS African country in its debt-trap, Chinese companies to invest Rs 30521037715 for...
(File) China debt-trap: China, which has the mastered the art of gaining a giant foothold in smaller, economically weaker countries by making large investments in its various sectors, has now set its sights on Angola as two Chinese companies have signed deals to acquire land to grow food grains in the African country at an investment of $350 million (about Rs 3,052 crore). Where is China investing? According to a media report, the state-owned Chinese firms will invest Rs 3052 crore in Angola, to cultivate soybean, maize and other grains on thousands of hectares of land, a portion of which will be shared with the host country. The project is aimed at reduce China's dependence for food grains on the United States and Brazil. Notably, in recent years, China has invested in similar projects in other African countries including Tanzania, Ethiopia and Benin, as it pushes to end dependence on food exports from the West. Which companies are investing in Angola? As per a report by the South China Morning Post, two state-owned companies– SinoHydro Group and Citic Group — have signed agreements to invest in Angola. The SinoHydro Group has been leased 30,000 hectares of tax-free land for 25 years, up which it will cultivate food grains, with 60% of the produce going directly to China. The Citic Group will invest $250 million in the next 5 years and cultivate soybean and corn on a massive 100, 000 hectares of land, the report said, adding that work has already begun on 8,000 hectares. How China is luring African countries? According to experts, China is offering a major relief to African countries after US President Donald Trump imposed heavy tariffs on their export. Earlier, in June, Beijing announced to eliminate import duties on goods coming from nearly all of its African partners, providing these nations with a never-before opportunity to strengthen South-South trade, as per a CNN report. Why China is investing in Africa? However, many geopolitical analysts are skeptical of China's growing investments in Africa, stating that Beijing's goals are strategic and go well beyond the noble aim of ensuring food security. Several experts claim that China is taking tax-free land on a long lease period to strengthen its hold in Africa and reduce imports from the West, particularly the US. Before the farming deal, China and Angola had an 'infrastructure for oil' exchange deal, but now the African country has shifted focus to agriculture to ensure its economy does not remain dependent on a single resource.
South China Morning Post
25-05-2025
- Business
- South China Morning Post
Hot Shanghai property market defies national slump as luxury units sell quickly
Shanghai's high-end property market continues to buck the national downturn, with deep-pocketed buyers pouring capital into top-tier homes that are seen as value-preserving assets despite economic uncertainty, analysts said. Buyers snapped up all 64 units offered at One Central Park, a luxury development in the city's core Huangpu district, on Wednesday, spending 4 billion yuan (US$556 million). Developed by Sunac China Holdings, Citic Group and Xinhu Group, the project is located in the city's Xintiandi shopping and entertainment area. The flats in the sale were priced at an average of 185,000 yuan per square metre (10.8 sq ft). The largest duplex sold for more than 246,000 yuan per square metre, making it one of the most expensive residences sold in the city this year in per-metre terms. The two earlier rounds at One Central Park also sold out within hours, and the project's year-to-date sales have exceeded 10.8 billion yuan, making it the first residential project in China to surpass 10 billion yuan in 2025. The sale on Wednesday, which included flats between 300 and 1,000 square metres, was nearly triple-subscribed during the registration period, triggering a points-based allocation system designed to curb speculative buying – the first such case in central Shanghai this year. The developer said it planned to launch the fourth phase of the project, focused on high-floor units, in June at the earliest. Luxury home sales have shown sustained strength across the city. New home prices in Shanghai rose in April and May, outpacing national averages, according to Centaline Property. Last week, new-home sales in Shanghai rose 72 per cent from the previous week, while average prices surged 49 per cent to a record 107,746 yuan per square metre, Centaline data showed. Buoying the figures, premium projects including Swire Properties' Lujiazui Taikoo Yuan Residences and Greentown China's Symphony Shanghai all sold out quickly on their launch days, Centaline said.
