Chinese tycoon buys Dubai's Shanghai Island
A Chinese real-estate tycoon has bought an artificial island in Dubai for $28 million where he plans to build a replica of Shanghai's famous landmarks, the state media reported on Wednesday.
Hu Bin, a real-estate developer bought the 40,000-square-metre
, part of
development in Dubai, which comprises 300 islands made from reclaimed land in the shape of the world map.
Hu said he planned to spend up to 1.5 billion yuan ($2 million) in the next three years to build hotels and villas on the island and turn it into a tourist resort,
news agency reported.
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 one billion yuan ($133 million) to buy an airport in north Germany.