China in his hands

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The World.

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Vijay Singh.

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Michael Schumacher.

According to ZIHG's schedule, preparation work on Shanghai Island should be completed by the end of this year, while construction work should begin "in the first half of next year", dependent on Nakheel's reclamation work finishing on time. Bin Hu politely declines to attach a figure to the overall investment that will be required to turn Shanghai Island from a detailed masterplan into a fully operational resort destination. However, it is clear that the president of China's third-largest real estate developer is prepared to spend heavily to turn his dream into a reality. If all goes well, the project will be up and running within two years.

"I am a modest man and would not want to put a value on the investment, or my company," he insists. "We are not a huge company, but my purpose is not to make money: it is to bring the Chinese culture of construction to Dubai, and to bring the Dubai culture of construction to China."

That ZIHG broke US$500m in revenues in 2006 rather undermines Bin Hu's humble protestations. The company is involved in a series of ultra high-profile developments in and around Shanghai in China, including Shanghai Dingshanhu Villas, a luxury yacht and helicopter club, Dingshanhu Gardens, and Shanghai Central Garden. Between just these three projects, ZIHG developments will cover over one million sq m in the city.

In Dubai, Bin Hu has also snapped up a less high-profile spot on the mainland at the Lagoons project.

He jokes that when he is in the Emirates, he will live on his island, and open his office at the Lagoons. However, his ambition is serious and emblematic of China's new-found desire to cement investment opportunities beyond its own borders.

"Every Chinese citizen must give his most to this ambition," he insists. "My action to invest in overseas markets such as Dubai is to follow the policy of China, because the Chinese government is always encouraging business people to invest overseas."

As a result, four Chinese developers have already bought islands on the World - in addition to ZIHG, Chinese companies have snapped up Beijing, Taiwan and Hong Kong. However, Bin Hu's ambition is to own the whole of ‘China' as it is represented on the World, and he is keen to open negotiations with the company that currently owns Beijing. The company's identity has not yet been made public. "Personally, this is just the start of my investment in Dubai," he emphasises. "We are testing the water, and if things go smoothly then I will definitely increase my investment in the emirate."

If Bin Hu has his way, then it might not be too long before he has the whole world in his hands.

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READERS' COMMENTS

Chinese are coming!
Posted by debbie on Saturday 20 October 2007 at 10:00 UAE time

This is great news for the RE industry here. If Chinese are buying in a big way it means that Dubai has now become a truly global market. Chinese are the most discerning buyers and if something as complicated as $40 million of branded sand can be sold to them, then anything can!

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