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Chinese tycoon buys Dubai island
Thursday, 17 Oct, 2007
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HANGZHOU – A Chinese businessman has confirmed to Xinhua news agency on 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 sqm 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 told Xinhua that he planned to spend heavily in the next three years to build hotels and villas on the island and turn it into a tourist resort.
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.
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