Nigerian, Chinese investors to boost real estate sector in three states

IN a move to boost the nation’s real estate industry, Nigerian investors are exploring opportunities with a Chinese firm to promote housing developments in the South West part of the country, especially Ondo, Osun and Ogun States.

  Senior officials of the Chinese firm, Messrs Sinafri-Hongye visited Nigeria last week to hold discussions with the private investors led by Niger-Sino and Hemaded Logistics Group in areas such as real estate, construction, building materials, especially, lightings and alternative power supply, among others.

    The Chinese Group, led by the Sinafri-Honye’s Marketing/International Relations, Mr. Sebbs Azubuike accompanied by the Director, Sinafri-Hongye, Mr. David Yang, Messrs Xu Jacky Ronchang, Managing director, Hongye Energy Unit and Pan Bing Kui, managing Director, Sinafri-Hongye, Electronic/Electrical, highlighted their findings and desire to commence business in Nigeria immediately they formalized agreement with their partners in the different areas.

   Speaking at a press conference held at the prestigious “Asso Friends Club”, Maryland, Lagos, Chairman of Niger-Sino Nigeria Limited, Mr. Olanrewaju Saka-Shenayon expressed confidence that the outcome of collaboration between the two parties would be successful.

   Saka-Shenayon hinged his optimism on the landmarks that Chinese firms are making in Africa, especially, Nigeria in construction works. “We have confidence in our new partners and we believe that at the end of the day, we will sign memorandum of understanding (MOU), by which activities will commence”.

  Chief Executive Officer, Hemadeb Groups, Mr. Tunde Akinboun, disclosed that the area of cooperation with the Chinese group in real estate would be concentrated in the South-West of Nigeria, especially, in Ondo, Osun and Ogun States.

   Akinboun, who reiterated the market potentials of real estate sector in Nigeria, called for investment in solar energy, adding that it is economically wise to explore more of solar use, especially, for streetlights and other domestic usages.

 Chief Akin Abiola, Managing Director, Polons Engineering Nigeria Limited, a real estate firm, while applauding the commitment of Sinafri-Hongye to do business in     Nigeria, highlighted some areas that may make or mar the goals.

Among the areas listed are low rate funding, building materials and cost of production in general.

   According to Abiola, “Nigeria’s business potentials in real estate sector is enormous, no doubt, but the truth of the matter is that the climate is makes it difficult to achieve the desired goal of making housing available for the low income earners.”  

   He lamented the absence of friendly mortgage facilities in Nigeria, blaming Nigerian banks for high lending rates that not helping matters that are capable of making long-term funding available to the mortgagee.

   Stating his firm’s interest in Nigeria, David Yang identified real estate and construction areas as their major areas of interest, but at the ancillary level, lightings, alternative energy supply (Solar) and by extension, agriculture would be included in their operations.

According to Yang, Sinafri-Hongye has more than 100 branches globally, with capital base worth 10millon US dollars in real estate, furniture industry and construction sectors.