News / National
Chiyangwa's plans shattered
19 Apr 2012 at 05:56hrs | Views
Businessman and property mogul Phillip Chiyangwa's plans to build a $300 million residential estate to rival Harare's famous Borrowdale Brooke have been shattered.
The plans of the property mogul were shattered following the sale of a huge portion of Carey Farm (Private) Limited (Carey) to a group of new investors by the Native Investments Africa Group (NIAG) founder to cover an $8 million debt with a local commercial bank.
Although Chiyangwa confirmed selling 80 hectares of the northern Harare property â€" where a vaunted $300 million golfing and residential estate was to be built â€" he disputed claims the decision was based on the need to expunge debts with CBZ Bank.
The plans of the property mogul were shattered following the sale of a huge portion of Carey Farm (Private) Limited (Carey) to a group of new investors by the Native Investments Africa Group (NIAG) founder to cover an $8 million debt with a local commercial bank.
Although Chiyangwa confirmed selling 80 hectares of the northern Harare property â€" where a vaunted $300 million golfing and residential estate was to be built â€" he disputed claims the decision was based on the need to expunge debts with CBZ Bank.
Source - Byo24News
