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Chinese investors turn to Dubai
By Yu Ran (China Daily)
Updated: 2010-02-09 07:05
SHANGHAI: Property speculators from Wenzhou who contributed to the sky-high real estate prices in the country's largest city are moving their cash into debt-laden Dubai.
A group of 12 Wenzhou entrepreneurs just came back from a four-day visit in Dubai last Friday to scout the dwindling real estate market.
"Since the recession on real estate in Dubai, I've led three groups of investors to Dubai to investigate properties," said Chen Zhiyuan, the president of Wenzhou Chamber of Commerce in the United Arab Emirates.
Chen, who led the team of investors from Wenzhou, said they haven't made any investment plans because the purchasing time is not mature yet.
"We'll still wait and see what the local government will do to propel the dwindling property market," Chen said.
Wenzhou, China's private capital powerhouse in the southern province of Zhejiang, is among the richest areas in the country and the birthplace of self-made billionaires who are manufacturing clothes, shoes, and other small commodities like lighters.
more....
http://www.chinadaily.com.cn/regional/2010-02/09/content_9447040.htm
By Yu Ran (China Daily)
Updated: 2010-02-09 07:05
SHANGHAI: Property speculators from Wenzhou who contributed to the sky-high real estate prices in the country's largest city are moving their cash into debt-laden Dubai.
A group of 12 Wenzhou entrepreneurs just came back from a four-day visit in Dubai last Friday to scout the dwindling real estate market.
"Since the recession on real estate in Dubai, I've led three groups of investors to Dubai to investigate properties," said Chen Zhiyuan, the president of Wenzhou Chamber of Commerce in the United Arab Emirates.
Chen, who led the team of investors from Wenzhou, said they haven't made any investment plans because the purchasing time is not mature yet.
"We'll still wait and see what the local government will do to propel the dwindling property market," Chen said.
Wenzhou, China's private capital powerhouse in the southern province of Zhejiang, is among the richest areas in the country and the birthplace of self-made billionaires who are manufacturing clothes, shoes, and other small commodities like lighters.
more....
http://www.chinadaily.com.cn/regional/2010-02/09/content_9447040.htm