"China Pak Hills" named company has not made $500 million investment in Gwadar: Officials

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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 phony company 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. – APP

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