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Citic Group to build 10,000 homes in Venezuela

(Agencies)
Updated: 2010-12-20 09:55

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.

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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.