The China International Fund (CIF) has invested US$694 million in two real estate projects on the outskirts of Luanda that have allowed the construction of thousands of homes, according to a presidential dispatch that approves the tax breaks.
The presidential order from the end of May, quoted by Portuguese news agency Lusa, regulates the investment made by the China International Fund, the largest Chinese group based in Angola and with interests in a number of sectors.
The two real estate projects in which CIF has invested are the Vila Pacífica residential condominium in Viana and 5,800 homes in the KK project, near the Kilamba urbanisation, also on the outskirts of Luanda.
Under the presidential order, which approves the contract between CIF and the Technical Unit for Private Investment (UTIP), the Chinese group will benefit from a reduction of 42.5% in industrial, investment and real estate transfer tax (Sisa) payments over six years.
The China International Fund is a Hong Kong-owned investor group that describes its business as “large-scale projects of national reconstruction and infrastructure construction in developing countries.” (macauhub)