AECI land sold to Chinese developer
A total of 1 600ha of land, including a majority portion of Modderfontein, was sold to Shanghai Zendai at a cost of R1 061 000 000.
A Chinese property development company, Shanghai Zendai stated this morning at a press conference that it is in the process of building the “next biggest business hub of the country”.
It was announced today that large portions of surplus AECI owned land in Modderfontein were sold in a bulk sale to Shanghai Zendai.
This is one of the largest bulk urban property transactions ever to be undertaken in the country.
A total of 1 600ha of land was sold to Shanghai Zendai at a cost of R1 061 000 000.
“Sandton is not enough for the future, so this is a new future for Africa. That is the priority function,” said Mr Dai Zhikang.
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