Chinese company, China Industrial International Group Zimbabwe intends to launch a US$10 million mortgage facility in Zimbabwe targeting low-cost housing developments.
The firm will build an estimated 1000 houses in Harare alone utilising steel technology. The houses will be built with solar furnishings to cut on energy cost and enhance energy efficiency.
A demo house has already been built in the Stoneridge area while school blocks have also been built in Shurugwi, Zvishavane and an orphanage in Hatcliffe by using the same technology.
Nie Hai Yang, CIIG’s chief executive said the project will mainly target those in civil service and other low income earners in search of home ownership.
He said the company was in consultations with the Ministry of Local Government, Public Works and National Housing for the project on how the project will be implemented.
Steel technology is relatively cheaper in comparison to conventional houses and a three or four-bedroomed house can be built within seven days.
Minister for Local Government, Public Works and National Housing Saviour Kasukuwere said the project would be a game changer in the construction industry as it would make housing affordable for citizens.
China Industrial International Group Zimbabwe will become one of the many firms to provide mortgage facilities for low cost housing projects, geared at reducing the country’s housing deficit which currently stands at 1.2 million units.
