Chinese investor buys assets worth $1.9b from Dubai developer
DUBAI (REUTERS) - Property developer Dubai Pearl sold property assets valued at US$1.9 billion (S$2.4 billion) to a Hong Kong investor, in a sign of increasing Chinese investments to Dubai's booming property market.
The transaction, which brings to an end a two-year delay in the development of the Pearl project, includes the sale of high-end residences and serviced apartments and two five-star hotels, the company said in an e-mailed statement.
Chow Tai Fook Endowment Industry Investment Development (Group), the exclusive development partner of China's Ministry of Civil Affairs, will use Dubai as its first international destination for its Chow Tai Fook districts which it develops in various cities of China.
Dubai Pearl is a 20 million sq ft mixed-use scheme overlooking the Palm Jumeirah containing branded apartments retail and leisure, commercial offices and hospitality units.