DP William Ruto in search of housing partners in China

Kenyans have a huge potential to buy houses but face a challenge on the availability of quality, affordable homes.

Deputy President William Ruto said this when he met China-Africa Development Fund (CADF) chairman Chi Jianxin in Beijing, China Tuesday morning, noting that Kenya suffers a serious housing shortage.

“We are keen on developing the housing sector because we have a challenge which we can turn into an opportunity. There is a housing shortage and this is reflected in the number of mortgages we have,” noted Ruto adding that there are only 28,000 mortgage accounts but the economy can support upto a million such accounts.

Ruto noted that there is an opportunity for the China-Africa Development Fund to partner with the private sector and work together with pension funds to develop a new arena of houses.

“There is a huge potential for people to buy houses but there has been a challenge in availability of houses,” said the Deputy President.

Jianxin revealed that plans by the China-Africa Development Fund (CADF) to open its regional office in Nairobi to promote trade and investments in Kenya and East Africa region are at the homestretch.

He said CADF has identified Kenya as the most suitable place to set up a regional office because of its robust economy and strategic position in the region.

Jianxin said the fund was keen on opening businesses in Kenya and expanding opportunities for Kenyans among other people in the region on various sectors of development.

“We have keen interest in the development in the housing, energy and manufacturing sectors,” said Jianxin.

The CADF chairman said the fund is keen in helping Kenya achieve its development targets especially in the housing sector.