Chinese tycoon buys Shanghai Island in Dubai
Updated: 2007-10-17 06:58
HANGZHOU -- A Chinese businessman said on Tuesday that he has bought an artificial island in Dubai for US$28 million.
Hu Bin, developer and director of the Shanghai Zhongzhou International Holding Group, bought the 40,000-square-meter Shanghai Island, part of "The World" development in Dubai, which comprises 300 islands made from reclaimed land in the shape of the world map.
Hu said that he planned to spend another 1.2 billion to 1.5 billion yuan in the next three years to build hotels and villas on the island and turn it into a tourist resort.
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The resort would also include canals and buildings resembling Shanghai's landmark areas like the Huangpu River, the Bund and the Lujiazui financial district, he added.
Many Chinese entrepreneurs are eyeing foreign property investments. In May, a businessman from central China's Henan Province forked out 1 billion yuan (US$133 million) to buy an airport in north Germany.
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