Citic International Contracting Inc, a unit of China's State-owned Citic Group, will build 10,000 housing units on the site of a Caracas military base in Venezuela, Bloomberg News reported Sunday, citing Venezuelan President Hugo Chavez.
Citic is to receive $400 million as a first installment to build the units.
The report said Venezuela will use part of a $20-billion loan from China to pay Citic. The project is part of a pledge to close a housing deficit aggravated by heavy rains, according to President Chavez.
The company may build a series of 20-story towers on 40 hectares, the report cited Hong Bo, Citic Group's president, as saying.
