Karachi: A Chinese company has shown interest in investing in Naya Pakistan Housing Programme (NPHP), under which the government plans to build five million low-cost residential units, a news source reported. Officials of Yuanda Group met with Sindh Governor Imran Ismail and Karachi Mayor Wasim Akhtar in this regard.
The meeting took place on the sidelines of 14th Build Asia Exhibition, held at Karachi Expo Centre from December 15 to December 17, which facilitated the signing of agreements worth USD 260 million between local and foreign companies.
Major Chinese firms – including Liaoning Global Investment and Wuai and Yiwu – expressed interest to fund the construction, real estate, and housing sectors in Pakistan. Zhu Gang, director of Liaoning Global Investment, said China gave priority to Pakistan in Asia.
The State Bank (SBP) had earlier asked Islamic financial institutions to assist the government in its bid to construct five million low-cost residential units at an estimated cost of PKR 17 trillion.
SBP Governor Tariq Bajwa said the government would require approximately PKR 15 trillion to PKR 17 trillion for the construction of low-cost affordable units under NPHP.
He said the amount was huge and the most viable option to achieve the task was to tap into Musharakah, a form of Islamic financing where a joint enterprise or partnership is formed and partners share profit and loss.