The purchaser is Mr. 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 $28m.
To celebrate this event, Mr. 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.
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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Nakheel announces sale of the island of 'Shanghai' on The World
- United Arab Emirates: Monday, October 15 - 2007 at 09:19
- PRESS RELEASE
Nakheel has announced that it has sold Shanghai Island on The World development.
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About NakheelNakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century: creating a world class destination for business and tourism. Nakheel currently has a portfolio of developments, across a range of sectors, including The Palm trilogy, The World, Dubai Waterfront, Jumeirah Islands, Jumeirah Park and Ibn Battuta Mall. Spreading across 2 billion sq ft of land, Nakheel's projects aim to redefine the concept of property development whether residential, tourist, commercial or retail.
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Posted by Medilyn Manibo, Assistant News EditorMonday, October 15 - 2007 at 09:19 UAE local time (GMT+4)
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