Bubble, what bubble? How Chinese firms are turning profit

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The Great Wall Gardens constructed by Chinese company, Edermann Property in Athi River (File, Standard)

Kenya’s real estate market is in turmoil as developers grapple with empty buildings owing to a combination of factors, including a glut in residential and commercial houses as well as reduced buying power among Kenyans. But a few players are emerging as outliers, projecting a bullish image during the dire times.

The firm faced claims of lack of regulatory approvals as well as concerns by its neighbors on the impact of construction activities on their businesses. Another Chinese firm – China State Construction Engineering – has already delivered 228 houses in the first phase of over 1,300 government-sponsored units in Nairobi’s Ngara estate this year. Although not commercial as with the other two firms, the firm has been able to deliver on time, within budget, enabling the government to offload them at affordable rates to Kenyans.

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