China Wuyi Wins USD77 Mln Construction Project in Ethiopia as Chinese Investment in Africa Surges

China Wuyi Wins USD77 Mln Construction Project in Ethiopia as Chinese Investment in Africa Surges

Dou Shicong

Date: Fri, 01/12/2018 - 11:14 / source:Yicai
China Wuyi Wins USD77 Mln Construction Project in Ethiopia as Chinese Investment in Africa Surges
China Wuyi Wins USD77 Mln Construction Project in Ethiopia as Chinese Investment in Africa Surges

(Yicai Global) Jan. 12 -- China Wuyi Co. [SHE:000797] will construct a complex building project in Addis Ababa, capital of Ethiopia, with a contract value of CNY500 million (USD77 million) in yet another move by a Chinese firm into the African continent.

China Wuyi received a letter of acceptance from a financial firm in Ethiopia on Jan. 10, the Fujian-based construction firm said in a statement. The construction period of the project is 36 months and is expected to generate total profits of CNY25 million. Located in the financial district of Addis Ababa, the complex is a 27-storey high-rise building with four levels underground, covering an area of 4,000 square meters and a total gross floor area of 72,000 square meters.

The building will have a wide range of functions including commercial office space and residences. China Wuyi will be responsible for the building's construction, decoration, water and electricity and control systems.

Addis Ababa is a metropolitan city in Africa with a population of 2 million and is home to the African Union and the United Nations Economic Commission for Africa. China’s trade with Africa recorded a 19 percent year-on-year surge in the first half of last year, reaching USD85.3 billion, showed data from the ministry of commerce.

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Keywords: Ethiopia, China Wuyi, Addis Ababa