ANHUI Foreign Economic Construction Group Co Ltd (Afecc) is looking to invest in a five-star hotel in Zimbabwe, but that would depend on whether they will get back their money.
BY MTHANDAZO NYONI recently in Huangshan, china
The group has invested more than US$1 billion in Zimbabwe over the past decade in several sectors of the economy such as mining and tourism, among others.
Afecc vice-president Tian ShiYue recently told NewsDay that: “We have plans to invest in another hotel, but we have not found a good location yet in Zimbabwe. We are looking for a good location so we can invest in another hotel. We have already two hotels and we want to build a bigger one. But we need a good location otherwise we can’t do that.”
She added: “All the investment depends on whether we can get the (proceeds). For example, like the major problem we are facing whereby we have invested, but the money cannot go back to China. So we need government to give us confidence. We want to create sustainable development in Zimbabwe, we want to create jobs and we also benefit. All that depends on the environment that the government provides to us.”
Afecc has been in Zimbabwe for more than 10 years, working with targeted government departments on different projects.
Afecc was extracting diamonds in Chiadzwa through two firms Anjin Investments and Jinan. The two firms were barred from mining diamonds in 2016 when government nationalised the Chiadzwa diamond fields and formed its Zimbabwe Consolidated Diamond Company (ZCDC). Some of its portfolios, through its Anjin Investments vehicle, include the three-star Golden Peacock Hotel in Mutare and shareholding in Harare’s Long Cheng Plaza Mall.
The firm also constructed the US$98 million National Defence University, which now hosts regional military personnel who come for training in Zimbabwe. Afecc vice-president Tian ShiYue recently told NewsDay that they have invested over US$1 billion in Zimbabwe, but were facing challenges in repatriating their investment.
“So far, for the two diamond mines and the hotels…we have invested more than US$1 billion. I don’t have exact figures at the moment, but we have invested more than US$1 billion,” ShiYue said.