Chinese Buyers Are Handing Over Cash for Zimbabwe’s Mansions

On the main road through the affluent suburb of Highlands in Zimbabwe’s capital, Harare, a billboard displays a beaming young Chinese family standing outside a newly built house.

The sign reflects Chinese buyers’ growing demand for upmarket residences, which cost about $500,000 to $2 million, in the city’s prime neighborhoods, according to interviews with several real estate brokers. At least two estate agencies — Pam Golding Properties and Guest and Tanner — have hired Mandarin speakers to assist the new customers.

Chinese buyers often pay in physical cash, which “enables them to conclude transactions speedily and gives them huge leverage in ...