(Yicai Global) Aug. 31 -- Guangzhou R&F Properties Co., the world's [HK:2777] biggest luxury hotel owner has denied involvement in an investment deal for a Zimbabwean steel plant, The Paper reported on Tuesday.

The firm did not say whether its sister companies were a part of the African project.

The media had previously reported that Mie Bimha, Zimbabwe's industry minister, once indicated that R&F Properties intended to invest USD1 billion in Zimbabwe Iron and Steel Co., the country's largest steelmaker with an annual production capacity of one million tons.

The rumored deal represents a fraction of the backing that Guangzhou R&F Properties put into investments abroad since 2013. All its previous foreign investments were related to real estate development. It has spent USD2 billion (CNY13.14 billion) on initially backing overseas acquisitions since Dec. 2013, incomplete statistics show.