Chinese company invests $500m in Gwadar residential project

LONDON: A leading Chinese investment company announced to invest $500 million in Gwadar in the first phase of a project aimed at building homes for around 500,000 incoming Chinese professionals expected in Gwadar by 2023.

China Pak Investment Corporation (CPIC) announced at a press conference that the partnership with Top International Engineering Corporation (TIEC), a Chinese state-owned company with over $100 Billion worth of projects delivered since 1950 to develop China Pak Hills. 

The ceremony was attended by China Pak Investment Corporation officials Jian Zheng, Chief Operations Officer, Dawei Li, Spokesperson; Stuart Reid, Chief Operations Officer of ONE Investments, architect Vladimir Tchaly; legal Consultant Moshiur Mian and Syed Zeeshaan Shah, the Chief Executive Office of ONE Investments and former Apprentice Star.

Jian Zheng of China Pak Investment Corporation spoke about the relationship with TIEC and the opportunity that the One Belt One Road investment by the Chinese government offers Pakistan and particularly the Port City of Gwadar. 

He said that China Pak Hills is an unprecedented development project, adding “China's policy to unite emerging economies grappling similar aspirations towards development will someday soon, transform nations like Pakistan into developed economy status." 

"This vision has driven the partnership of The China Pak Investment Corporation and Top International Engineering Corporation to develop China Pak Hills formerly known as International Port City with the Gwadar Development Authority,” he added. 

Moreover, Tchaly spoke about the vision and creativity that the design team offer and how these will be translated into a contemporary development for a community of over 10,000 residents.

Stuart Reid, COO of One Investments Ltd, said of the landmark project: “China Pak Hills is a unique and exciting opportunity." 

The level of investment and commitment made by the Chinese government in the CPEC guarantees that Gwadar is going to be one of the most important trading and access points in the world, he said.

He added, "[Gwadar's] geographic position, combined with the infrastructure being created through the CPEC means that it can only grow exponentially.”

Zeeshan Shah, CEO of ONE Investments who starred in the 2013 version of the Apprentice, told Geo News that he had himself visited Gwadar about seven times in two years and found the area most peaceful and conducive for investment. 

He shared that the exit and entry points of the whole Gwadar region are controlled by Pakistan army, providing top order security and safety.

“Gwadar has everything that an investor needs. It’s just another world where order exists and everyone working and living there will have foolproof security around them.

He said: “Spanning over 10 million sqft across three phases, China Pak Hills will be the first development of its kind in Gwadar."

Describing the residential project, he said:  "a mixed-use gated development tailor-made for Chinese professionals in Gwadar, it will offer an all-encompassing lifestyle to live, work and play, with a host of facilities that will set the benchmark of future developments."

The company building the model city has an annual turnover of around $10 billion, he shared,

"The aim of this project is to build infrastructure for the incoming influx of Pakistani and Chinese professionals. Growth in Gwadar will go up massively and it will need strong social infrastructure to cater for this need.”

Zeeshan Shah gave the example of a Chinese city Shenzhen which was a poor village in 1979 but it was developed on the Gwadar model. 

He said the population of this town is now over 30 million, its annual growth stands at $250 million. 

China is doing the same in Gwadar, its population will be going up by half a million in next six years, he remarked, adding “Gwadar offers tremendous opportunities. Once completed, it will become the most important port city in the World from both an economic and geopolitical perspective.”

The announcement hails an exciting new phase in the development of the port of Gwadar, the ‘Gateway City’ to the $62 billion China Pakistan Economic Corridor (CPEC), the largest unilateral foreign direct investment from one nation into another. 

The CPEC is set to catapult Pakistan’s stature as a key global trade and economic hub and includes a bouquet of projects currently under construction that will not only improve Pakistan’s infrastructure but will deepen the economic and political ties between China and Pakistan.

The China Pak Investment Corporation acquired GDA approved International Port City, which is under application in GDA to be renamed to China Pak Hills.