Chinese investor spends $1.9 billion in Dubai property market | Reuters:
"(Reuters) - Real estate developer Dubai Pearl said on Monday it had sold property assets worth $1.9 billion (£1.1 billion) to a Hong Kong-based investor, in a sign of increasing Chinese interest in Dubai's booming property market.
Chow Tai Fook Endowment Industry Investment Development (Group) Ltd, a partner of China's Ministry of Civil Affairs, bought serviced apartments, high-end residences and two five-star hotels, Dubai Pearl said in an emailed statement.
The properties are part of the 20 million square foot Dubai Pearl complex, which is now under development and will include a shopping mall and offices as well as residential space. It is due to be completed in 2017.
Originally launched in 2008, the project was slowed for years by Dubai's real estate market crash of 2008-2010, but is now proceeding as the market recovers, with residential property prices jumping about 20 percent last year."
'via Blog this'
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