China is auctioning off small islands off the east coast to private developers in a bid to push tourism growth. The first island was sold for CNY20 million (US$3.2 million) to a developer eyeing yacht recreation. The auctioned island, Dayangyu, is located 300m off the coast of Ningbo city, Zhejiang province, with an area of 0.258km2. The government plan to auction a total of 176 uninhabited islands.
Ningbo Gaobao Investment Co. won a 50-year lease on the land and plans to invest CNY500 million in developing the island. Yang Weihua, Ningbo Gaobao’s Manager, told Xinhua; “We are going to turn the island into a high-end tourism and recreation destination with a focus on yachting.”