Chinese companies to invest $360 million in renovation of housing in Shaykhantakhur district

Chinese investors will invest $360 million in the construction of new houses on the site of dilapidated housing under the renovation program in the Shaykhantakhur district of Tashkent, the Uzbekistan 24 TV channel reported.

Currently, unnamed Chinese companies are conducting a renovation project in the mahalla named after Olim Khuzhaev, located on the Aktepa block. Investors plan to build multi-storey buildings with 3,200 apartments instead of 42 two-story buildings with 568 apartments, built back in the 1960s.

The Uzbekistan 24 article emphasizes that entrepreneurs from China will carry out construction work without attracting funds from the budget and banks.

On February 27, Shavkat Mirziyoyev announced that a simplified procedure for implementing projects on the terms of public-private partnership, renovation and cooperation based on a “life cycle contract” was being approved in the capital. In particular, to simplify the implementation of investment projects, Tashkent Invest Company was created last year.

Acting governor of the capital Shavkat Umurzakov said that in Tashkent, 500 hectares of territory are subject to renovation, on which long-term two-story buildings and temporary houses in Sergeli are located.

Later, the parliamentary party “Milliy Tiklanish” called for the renovation program to begin only after the adoption of the law. Otherwise, cases of forced demolition of housing may be repeated, which “negatively affected the image of our country several years ago”, the party emphasized.