Chinese-backed real estate investment launched in Kenya

NAIROBI - Chinese investors have taken key shareholding in a major regional shopping and urban development project launched in Nairobi Friday, aiming to tap into Nairobi's growing international status as an aviation hub and a center for commercial enterprise.

The Two Rivers Investment Project, which consists of five star hotels, office blocks, residential homes and shops occupied by major retail enterprises, was launched at a ceremony attended by Kenyan President Uhuru Kenyatta, Chinese Ambassador to Kenya Liu Xianfa and investors.

"The construction of this shopping mall is a sign of Kenyan companies steadily spending despite the sluggish economic growth around the globe. The joint effort of the Kenyan and Chinese investors saw us reach this tangible achievement within a short time," Liu said at the launch.

"I am proud of the Chinese side for their contribution to this project. It is a sign of the remarkable cooperation between China and Kenya in the various fields, including financial services, people-to-people exchanges, media and education and the development of think-tanks," Liu said.

President Kenyatta termed the new shopping complex an "iconic development" which showcases the potential that exists between local and international investors.

"It is a wonderful development we have here," Kenyatta remarked.

The Two Rivers Investment is undertaken by listed Kenyan company, Centum Group; China National Aero-Technology International Engineering Corporation and Jiangxi Water and Hydropower Construction Co ltd (JWHC) have jointly invested 38.89 percent stake.

Upon completion, the investment would cost $800 million, covering 400,000 square metres of land, covered with retail shops and with a capacity of 50,000 shoppers.

"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 said.

Meanwhile, Nairobi County Governor Evans Kidero said the launch of Two Rivers Mall, a combined urban development project, 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.