Chinese Developer Pays $104M For South Africa Land

Law360, New York (November 5, 2013, 5:46 PM EST) -- Chinese real estate development company Shanghai Zendai Property Ltd. will pay 1.06 billion South African rands ($103.8 million) to purchase land in Johannesburg, South Africa, for a major mixed-use development project, the company said Tuesday.

The Johannesburg development project is part of the company's plan to expand its overseas development in response to the Chinese government’s austerity measures to slow the real estate market because of a slowdown in China’s overall economic growth.

The deal, which was finalized late Monday night, is for approximately 3,900 acres...
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