Chinese billionaire Zhang Li, chairman of R&F Properties Group, arrived in Port Moresby on Tuesday in a private jet to explore investment opportunities in the country, with housing, mining, real estate, commercial developments and infrastructure among the sectors of interest.
Mr. Zhang and his delegation were officially welcomed by the National Capital District Commission, led by Governor Powes Parkop, during a luncheon at the Hilton Hotel on Tuesday.
The visit highlights growing business and investment ties between Papua New Guinea and China.
Addressing guests, Mr. Zhang said it was his first visit to Papua New Guinea and described the country as a “totally fresh, new country.”
“Our first objective is investment,” he said.
He said the Chinese Ambassador had spoken to him several times about investment opportunities in Papua New Guinea.
Mr Zhang said R&F Properties Group owns its own design institute, construction teams and more than 100 luxury hotels, most of which were designed and built by the company.
He said before the COVID-19 pandemic, the company employed more than 250,000 people and delivered more than 500,000 housing units each year.
Mr. Zhang said the company was also an experienced city developer with significant mining interests.
“We own three coal assets in China and coal projects with more than eight billion tonnes of resources in South Africa, alongside chrome, manganese, vanadium and titanium resources. We also have rutile and titanium projects in Sierra Leone,” he said.
He said the company also manufactures building materials in China and was interested in exploring housing developments, commercial office buildings and economic cluster projects in Papua New Guinea.
Mr Zhang cited the company’s development of Zhujiang New Town in Guangzhou, saying the project took 10 years to complete and now generates more than 14 billion RMB in annual tax revenue.
He said China and Papua New Guinea shared a strong friendship and expressed the company’s interest in supporting greater investment between the two countries.
“We do want to participate in the enhanced relationship and investment agenda from China to Papua New Guinea, following President Xi’s guidance to enhance the Belt and Road Initiative,” he said.
Mr Zhang said the delegation’s third objective was to conclude practical business deals in housing, real estate, mining and minerals.
“We are talking about efficiency, efficiency and speed. As a private company, we respond rapidly,” he said.
Governor Parkop welcomed Mr. Zhang and his delegation on behalf of Port Moresby and entire Papua New Guinea.
“We welcome Mr Zhang Li, Chairman of R&F Properties Group, and his team to our city and to Papua New Guinea. You are now part of our one big Melanesian family,” Governor Parkop said.
“I want to assure you that this relationship will be a win-win for both your company and the people of Papua New Guinea. My team and I are here to support your investment.”
Governor Parkop said Papua New Guinea valued its 48-year relationship with China and noted that diplomatic ties were established in 1976.
He said cooperation between the two countries had continued to grow, including the establishment of a Sister City relationship in 2016.
Governor Parkop said Chinese state-owned enterprises and private companies had become important development partners in the country.
“These companies are well known for their quality in real estate, buildings, infrastructure and other private developments in Papua New Guinea,” he said.
He said Papua New Guinea offered enormous investment potential in property, tourism and many other sectors.
Governor Parkop also revealed that Port Moresby has 10 investment-ready projects available for potential investors. These projects were also promoted and marketed to a high-level Shenzhen delegation which was in town last month.
“The decision is up to you—to build together, to invest together, and to grow together,” he said.
The luncheon ended with Mr. Zhang Zi proposing a toast to the friendship between China and Papua New Guinea before guests shared a meal.
Mr. Zhang and his delegation are expected to remain in Papua New Guinea for two to three days and are expected to meet Prime Minister James Marape during their visit.
PM Marape is in Republic of Vanuatu for a meeting.