Chinese property tycoon said Wednesday he has paid US$28 million (euro20 million) to buy an artificial island in Dubai.
The 40,000 square meter (430,560 sq. feet) island _ which he plans to call ``Shanghai Island'' _ is part of a development called ``The World'' that includes 300 islands made from reclaimed land in the shape of a world map.
Hu Bin, the buyer, is chairman of Shanghai Zhongzhou International Holding Group, a little-known real estate company.
``The Dubai government invited me to visit in July and told me 'Shanghai Island' was still available,'' Hu said in a phone interview from Dubai. ``I think it could be a good business opportunity and worth spending some money on it.''
Hu, a businessman from Wenzhou, said he was moving to Shanghai and wanted to do something for his newly adopted ``second hometown.''
``The resort will be modeled on Shanghai. We plan to build resort villas and hotels on the island, though the detailed layout hasn't been worked out yet,'' he said.
The official Xinhua News Agency said Hu planned to spend up to 1.5 billion yuan (US$200 million; euro141million) developing the island.
Wed October 17, 2007 04:26 EDT
SHANGHAI, China (AP)