Wealthy Chinese citizens are increasingly investing in real estate in Zimbabwe's capital Harare, turning the city into a new point of attraction for capital. This is reported by Bloomberg, citing sources.
According to realtors, the demand for luxury housing priced from 500,000 to 2 million dollars has increased dramatically, especially in the prestigious Highlands and Borrowdale Brook areas. Local real estate agencies have even started hiring staff with knowledge of Chinese, and many transactions are conducted for cash, which allows buyers to bypass currency restrictions.
Unlike other developing countries, where Chinese workers are more likely to arrive, wealthy entrepreneurs and top managers arrive in Zimbabwe. Many of them, Bloomberg clarifies, are related to the mining industry, where Chinese companies already occupy leading positions, especially in lithium mining. Chinese businesses are also actively investing in the country's energy, banking sector, and infrastructure.
Against this background, Chinese restaurants, shopping malls and casinos are appearing in Harare. However, some local residents are dissatisfied – new owners often rebuild historic houses, ignoring current building regulations.
Despite the criticism, experts consider the influx of Chinese capital to be a positive factor for Zimbabwe's economy, especially against the background of declining Western investment caused by debt problems and the effects of hyperinflation.
