Chinese company to build high-end apartments in Ethiopian capital

ADDIS ABABA, June 25 (Xinhua) -- China's Hua Hong Construction Private Limited Company (PLC) on Saturday signed an agreement with an Ethiopian real estate developer NMC Real Estate PLC to build hundreds of high-end apartments in the Akaki Kality sub-city of Addis Ababa, the Ethiopian capital.

The over-155-million-U.S.-dollar project, which will incorporate 600 apartments and 30 villas, to be built on 35,000 square meters of land, is expected to partly address the grave housing problem in the city.

Meseret Mekonnen, chief executive officer (CEO) of the NMC Real Estate PLC, said the project, to be completed within two years, will be one of Ethiopia's milestones that will embrace high-quality apartment standards and construction technologies.

"Our company selected Hua Hong Construction PLC after we found out that the Chinese company has had a successful track record in effectively accomplishing various development projects in Ethiopia and especially considering its finance and timely delivering capabilities," Mekonnen told media in a briefing.

According to the CEO, the Chinese company has successfully completed Ayat Grand Mall and other real estate projects in Ethiopia by using the latest technologies and employing an adequate number of skilled workers.

Mekonnen, also the owner of the NMC Real Estate PLC, said the apartments will be sold at a reasonable price in a tripartite agreement to be reached between his company, Commercial Bank of Ethiopia, and buyers.

Han Jianyan, general manager of Hua Hong Construction PLC, told the media that his company will build the apartments with high quality and complete them on schedule.

The project is expected to create employment opportunities for more than 2000 job seekers in the city.