Chinese-built ghost town in Angola
- 18 Jul 2012
State-owned China International Trust and Investment Corporation (CITIC) has built a town in Angola, the only problem: it remains predominantly empty.
On the outskirts of Angola’s capital, Luanda, lies Nova Cidade de Kilamba - a residential development of 750 eight-story apartment buildings, a dozen schools, and more than a 100 rental units according to reports by the BBC’s Louise Redvers.
Redvers reports that the development cost $3.5 billion to develop and covers 12, 355 acres of land. It was intended to house roughly 500, 000 people and is only one of “several satellite cities being constructed by Chinese firms around Angola.”
Online adverts cited by the BBC shows that apartments cost somewhere between $120,000 and $200,000.
We have to ask: how does the average Angolan afford such steep property prices if you take in consideration that the country’s per capita GDP is $5,144 per year according to the latest information from the World Bank.
Could these developments mean that China is expecting big money (Angola is China’s biggest African oil provider) once Angola starts to develop new oil discoveries?
The answer remains shrouded in even more questions, for now the city remains mostly empty and will remain so for the time being.