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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Chinese firm to help ease housing shortage in Kenyan capital

NAIROBI (Xinhua) -- A Chinese firm is set to help ease the shortage of middle class houses in Kenya, developers said on Monday.

Cytonn Investments Chief Investments Officer Elizabeth Nkukuu told Xinhua in Nairobi that China National Aero Technology International Engineering Corporation (CATIC) has been selected to construct 409 apartments targeting the growing middle class population in the capital Nairobi.

“Construction of the 30 million U.S. dollar project began three months ago and is slated to end in December 2018,” Nkukuu said when Cytonn released the 2016 Kenya Listed Banking report.

Nkukuu said the Chinese firm is already ahead of schedule and the project should be completed in early 2018.

“CATIC have established a reputation of being very competent in executing large projects in record time,” she said. “We also want to tap into the Chinese construction industry expertise in order to ensure that customers get value for money.”

She noted that there is currently a shortage of houses for the middle and low income residents as property developers have concentrated on building houses for the high income earners.

The recent economic growth has led to the expansion of the numbers of middle income earners who are seeking to buy or rent modern houses.

According to Cytonn, most Kenyans prefer to buy houses using their savings rather than use loans from financial institutions.

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