Ver Angola

Real Estate

PGR seizes publicly financed property from China International Fund

Several properties - built with “public funds” - were seized by the National Asset Recovery Service of the Attorney General's Office to the company China International Fund (CIF).

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In a statement, quoted by the Novo Jornal, the Prosecutor's Office states that there are 24 buildings, two nurseries, two yacht clubs, three construction sites and their adjacent land.

In total, the real estate heritage occupies an area of ​​114 hectares and is located in the Vida Pacífica urbanization, located in the urban district of Zango, municipality of Viana, in Luanda.

In the urban district of Kilamba, in Belas, also in the province of Luanda, 1108 unfinished properties were seized by the National Asset Recovery Service. To these are added, in the same place, 31 bases for construction of buildings, 194 bases for construction of houses, a shipyard and the adjacent land. In total, the occupied area is 266 hectares.

The seized properties will have the Ministry of Spatial Planning and Housing as their faithful depositary.

China International Fund Limited (CIF) is a private company based in Hong Kong, being the largest Chinese group based in Angola.

In 2017, it invested around 700 million dollars in two real estate projects on the outskirts of Luanda - Vida Pacifica, in Viana and KK, in Kilamba - receiving various tax benefits and oil guarantees.

The company was also involved in the construction of the new Luanda International Airport, and was later removed for lack of transparency and non-conformities in the project. Following an investigation that came after inspection of the works, PGR managed to recover 286 million dollars paid to the company.

According to a report by the British study center Chatham House, published in 2009, CIF would have links to China Angola Oil Stock Holding Ltd, which would deal with Angolan oil through China Sonangol International Holding. Among the directors of China Sonangol International Holding would be Manuel Vicente, former president of the state oil company and former vice president of Angola.