Lei Cheng’s China Square has been the talk of the Kenyan trade industry since its opening on January 29, 2023.
The shopping hub located inside UniCity has caused a paradigm shift in the trade industry with the majority shifting allegiance towards Chinese-based trade.
Who is the owner of China Square Kenya?
In an interview with the media, Cheng revealed that he made over Ksh20 million in his first two weeks in business, and his daily sales have more than doubled since January 2023, indicating that he sells goods worth Ksh10 million on a low business day.
The ambitious entrepreneur attributed his success to three key factors: genius market pricing, social media marketing, and referral clients.
Cheng’s pricing strategy has been revolutionary in the Kenyan market, which has been saturated with overpriced goods.
His market pricing has made him a threat to some competitors who feel threatened by his presence in the Kenyan market.
Cheng’s vision is to break the monopoly in the Kenyan market and provide healthy competition to other traders.
The China Square proprietor is not deterred by Trade Cabinet Secretary Moses Kuria’s intentions to lock out Chinese traders from the Kenyan market.
Cheng believes that his business is legal and centred on healthy competition.
He noted that his business had cooperated with all government directives for opening a business in Kenya and is here to break the monopoly.
According to Cheng, “If other foreigners can do business in Kenya, so can Chinese because we have done nothing wrong. Our customers are happy because we have drastically reduced our prices. Business is about serving customers, and they have been our biggest referral.”
Lei Cheng Profile
Lei Cheng, a graduate in International Trade from a South African university, is the mastermind behind China Square.
His idea for China Square came to fruition after a visit to Kenya in September 2022.
During a routine visit to a local supermarket, Cheng noticed that most items on the shelves had exorbitant prices that he knew very well were imported from China.
Seeing this as an opportunity, Cheng returned to China and roped in some suppliers before returning to Kenya and establishing China Square.
China Square has created employment opportunities for over 130 people, contributing to the Kenyan economy’s growth.
Despite his success, Cheng remains humble and has announced a temporary closure of China Square on Sunday, February 26, to re-evaluate their business model.