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Govt warns public against investing in company, ChinaPakHills

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October 23, 2017 By:Samaa Web DeskPublished in Economy Be the first to comment!

ISLAMABAD: The federal government Monday warned public at large not to pay heed to rumours about a heavy investment allegedly made by a Chinese in the Real Estate business in Gwadar, asking the investors not to invest in any company that might be involved in massive fraud.

In an official statement, the spokesman of Ministry of Planning, Development and Reform cautioned public at large not to pay heed towards an alleged investment of US$ 500 million in Gwadar’s real estate business under the name of ‘China Pak Hills’.

A propos news item “Chinese company invests $500m in Gwadar residential project” published in a section of press has claimed that China Pak Hills has invested US$ 500 million in Gwadar’s real estate business.

It is to put on record that Gwadar Development Authority (GDA) has not issued any No Objection Certificate (NOC) to a housing project named as ‘China Pak Hills’, said an official handout by China Pakistan Economic Corridor Secretariat, Ministry of Planning, Development and Reform.

The report is baseless and highly exaggerated. Even GDA has no information about $500m Chinese investment in housing sector” said the spokesman.

He said that the news item presented a highly exaggerated scenario about Chinese professionals shifting to Gwadar by 2023.

The newspaper should have contacted the Ministry of Planning before publishing such news item having such content,’ the statement maintained.

CPIC denies allegations

The CPIC has denied the allegations of being a phone company, saying it has obtained the NOC from the Gwadar authority to invest in the port city.

“The company China Pak Investment Corporation (CPIC) has acquired International Port City Project in Gwadar, Pakistan, which has NOC Number 74/07/HS/GDA (B) issued by the Gwadar Development Authority (GDA),” a statement by the company said.

“A name change application has been submitted to Gwadar Development Authority for changing the name to China Pak Hills which has been received by Gwadar Development Authority. The name change is a right of any project as per bylaws and has been done in several projects in Gwadar under GDA rules,” it said.

The USD $500 million investment quoted was misconstrued, this is not an immediate investment being under taken by the China Pak Investment Corporation, it is the Gross Development Value of the anticipated projects planned to be undertaken by the China Pak Investment Corporation in the coming years.

An MOU has been signed with Top International Engineering Corporation (TIEC), a subsidiary of Shaanxi Construction Engineering Group Corporation (SCEGC), a Chinese state owned organization for development and construction of China Pak Hills / International Port City.

The press conference held on Thursday the 19th of October 2017 at The Grosvenor House, Hotel on Park Lane in London was a celebration of the momentous agreement we had reached with Top International Engineering Corporation.

“We look forward to working closely with the Honourable Ministry of Planning, Development & Reform, Gwadar Development Authority and all relevant stakeholders to contribute to the growth story of Pakistan, attracting increased Foreign Direct Investment and together building a Better Pakistan.”

“We would also like to take this opportunity to thank our honourable partners Top International Engineering Corporation for their continued support. Together with TIEC we look forward to building this project and delivering a ground-breaking Master Community in Gwadar.”

China Pak Investment Corporation is a responsible organisation, should any Authority or Individual wish to view the aforementioned legal documentation or require any further clarification please send us an email to info@chinapakhills.com and this will duly be provided. – SAMAA/APP

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