New owners are actively reconstructing historical homes, ignoring construction regulations.
Wealthy Chinese are actively buying elite housing in Harare. Against the backdrop of the dominance of Chinese companies in lithium, energy, and infrastructure, some local residents are complaining about the reconstruction of historical homes, writes Bloomberg.
Affluent Chinese are increasingly purchasing elite housing in Zimbabwe's capital, Harare, turning the city into a new "magnet" for their capital, according to Bloomberg.
According to realtors, the demand for homes priced from $500,000 to $2 million in prestigious areas such as Highlands and Borrowdale Brook has grown so much that agencies are hiring staff with knowledge of the Chinese language, and deals often occur in cash, giving buyers strong positions in negotiations and allowing them to bypass strict currency controls.
The agency notes that unlike other developing countries, where mainly low-income Chinese workers go, Zimbabwe is attracting a wealthy class — top managers and entrepreneurs connected to the mining sector and other high-paying industries.
Chinese companies already dominate the country's lithium sector, investing in energy, banking, and infrastructure, and alongside them, Chinese restaurants, shopping centers, and casinos are emerging in Harare.
Some long-time residents of elite neighborhoods are unhappy with how new owners are actively reconstructing historical homes, ignoring construction regulations. However, many experts see the influx of wealthy Chinese as predominantly a plus for Zimbabwe: they are investing in the country at a time when Western capital has largely withdrawn due to debt problems and past hyperinflation.
Previously, Zimbabwe resident Emmerson Mnangagwa ordered the completion of negotiations with the U.S. on a $350 million healthcare funding agreement. The document provided for direct U.S. access to Zimbabwe's healthcare data and access to the country's critical mineral resources, which sparked protests from the authorities. Harare considered the memorandum one-sided and undermining sovereignty.
