Shanghai-based Zendai Group, the parent company of Hong Kong-listed Zendai Property Ltd, will invest more than 80 billion rand ($7.6 billion) over the next 20 years to develop a mixed-use property project in Johannesburg.

Chairman Dai Zhikang said that Zendai aims to build a modern urban complex similar to Shanghai's Pudong district or Manhattan in New York.

He made the comments during an investment event in Johannesburg on Wednesday, the Xinhua News Agency reported.