Chinese group offers $1 billion for housing schemes in Pakistan

ISLAMABAD: A Chinese group of investors has offered to invest USD 1 billion in housing sector in Pakistan's restive Khyber-Pakhtunkhwa (KP) province.

A high-level team of Chinese investors yesterday met Chief Minister Pervez Khattak in the provincial capital Peshawar and made the offer, Dawn reported today.

Khattak said new housing schemes in KP are the need of the hour to meet the residential requirements of the growing population and to reduce pressure on the urban localities.

He told Ma Shi Jing, CEO of Shanghai-based company, that the mega projects would construct big cities equipped with all basic civic amenities and housing facilities, and will be named as education and sports cities.

The group assured him of full support in implementation of the projects and lauded his decision to launch mega housing schemes planned to be of international standard, including safety and security in view of the residential requirements of the ever increasing population of the province.

The housing projects include Mega Education City near Nowshera, Mega Sports City in Peshawar, New City Abbottabad and New City and Tourism Resort in Chitral.