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Chinese tycoon buys Dubai's Shanghai Island
Source: BI-ME , Author: Moussa Ahmad
Posted: Wed October 10, 2007 12:00 am
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UAE. Nakheel today announced that it has sold Shanghai Island on The World development. The purchaser is Bin Hu, a prominent Chinese businessman and director of real estate developer, Zhongzhou International Holding Group. The island, which is 322,000 square foot in size, has been sold for US$28 million.

To celebrate this event, Bin Hu visited the island this week and planted the Chinese flag in the ground. He also brought earth from Shanghai with him, which he scattered over the island.

Pictured, from left to right: Hussein Al Yasiri, Client Relations, The World; an official translator; You Zhen Gao, Consul General of China; Hamza Mustafa, Director, The World; and Bin Hu, the new owner of the island of 'Shanghai' on The World.

The World is a new iconic landmark in Dubai and will in the future become one of the most desirable and exclusive addresses on the planet. The development is a feat of engineering which has seen Nakheel create 300 islands reclaimed in the shape of the world map.  

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