STATE-OWNED CHINA International Trust and Investment Corporation has built a town in Angola… and it’s fairly empty.
Just outside Angola’s capital city of Luanda is Nova Cidade de Kilamba, a residential development of 750 eight-storey apartment buildings, a dozen schools and more than 100 retail units.
The $3.5 billion development covers 12,355 acres and was built to house about 500,000 people . The BBC reports that it is one of several satellite cities being constructed by Chinese firms around the country.
Angolan president José Eduardo dos Santos has touted the ‘Kilamba social housing project’ as an example of his social housing policy, and he has brought international policymakers including Chinese vice-president Xi Jingping to the site.
But the apartments in the complex cost somewhere between $120,000 and $200,000 according to online advertisements cited by the BBC.
None of which helps the average Angolan given the country’s per capita GDP of $5,144 per year, according to the World Bank.
And let’s not forget, Angola serves as China’s largest source of oil in Africa. Some like energy expert @pcdunham speculate this could be in preparation for oil money that is expected once the country begins developing new oil discoveries.