(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.