Stina Wu leaves homeowners paying for unfinished homes

Renthia Kaimbi Residents of a housing development project in Rundu say they have been paying mortgages since 2022 for houses that remain unfinished. The affected homeowners secured bank pre-approvals for houses in the Kaisosi housing development owned by Chinese businesswoman Stina Wu. Despite receiving financing approval two years ago, the residents say they have still not taken occupancy of their homes.

Social justice activist Michael Amushelelo said he received complaints from several affected homeowners. According to Amushelelo, homeowners are paying monthly mortgage deductions while also paying rent elsewhere. “It is rather painful to be paying for a house loan in which you have not yet taken occupancy and at the same time you must pay for rent,”