China buys into Dubai

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China buys into DubaiChina’s expansion shows itself again this time in Dubai. Dubai property developer Dubai Pearl sold $1.9billionUSD of real estate assets to Chow Tai Fook Endowment Industry Investment Development (Group) which is a Hong Kong based investor. The Pearl project which has had a two-year development delay is a 20 million sq ft mixed-use scheme overlooking the Palm Jumeirah. Included in the sale are high-end residences and serviced apartments and two five-star hotels. Chow Tai Fook Endowment Industry Investment Development (Group) are China’s Ministry of Civil Affairs exclusive development partner, and are planning to use Dubai as its first international destination.