Hu Bin, developer and director of the Shanghai Zhongzhou International Holding Group, bought the 40,000-square-metre 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 another RMB1.2 billion to 1.5 billion 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 was quoted saying.
Many Chinese entrepreneurs are eyeing foreign property investments. In May, a businessman from central China’s Henan Province forked out RMB1 billion to buy an airport in north Germany.