File photo of housing construction in Tehran

Tehran Mayor Announces Construction And Transport Deals With China

Monday, 02/05/2024

The Mayor of Tehran revealed that significant agreements for investment and construction projects have been reached with Chinese entities following his recent trip to China.

On Sunday, Alireza Zakani made the announcement during a session of the Tehran City Council, providing a detailed report on his October visit to China, stating three contracts have been signed in phase one of the deals.

The agreements included the purchase of 751 railway wagons, one million vans, motorcycles, and buses, as well as the construction of metro line 11.

He also announced plans for the construction of hotels, buildings, amusement parks, and water parks within Tehran. He outlined, "We have finalized agreements to develop five five-star hotels in collaboration with Chinese companies, industrialize 200,000 housing units, and establish two amusement parks and two water parks in Tehran."

In January, Hamidreza Saremi, the Deputy Mayor of Tehran, revealed discussions regarding the Chinese Housing Construction plan, stating, "We have initiated negotiations with Chinese developers, leading to the allocation of parcels of land exceeding one hectare in size in the southern regions of the city."

During his campaign, President Ebrahim Raisi pledged to build one million housing units annually. However, housing market experts and politicians have criticized this commitment as "impractical." The average price of one square meter of housing in Tehran stands at approximately 600 million rials ($1,200), significantly surpassing the monthly minimum wage of around $120 (excluding benefits).

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