Chinese investors spend $1.9 billion on Pearl Dubai

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Dubai PearlReal estate developer Pearl Dubai said in a statement on February 3 that it had sold property assets worth $1.9 billion to Hong Kong-based investor Chow Tai Fook Endowment Industry Investment Development (Group) Ltd, a partner of China’s Ministry of Civil Affairs. The company bought serviced apartments, high-end residences and two five-star hotels at Dubai Pearl.

The properties are part of the huge Pearl Dubai complex, which is now under development and will include a shopping mall and offices as well as residential space. It is due to be completed in 2017. Originally launched in 2008, the project was slowed for years by Dubai’s real estate market crash of 2008-2010, but is now proceeding as the market recovers, with residential property prices jumping about 20 per cent last year.

Consultants Jones Lang LaSalle said in a report last year that Chinese and South Korean investment in the United Arab Emirates’ real estate sector was expected to increase because of growing trade and other business cooperation between the countries.

Last June, China State Construction Engineering Corp (CSCEC), one of the world’s largest construction firms, said it had agreed to invest in a $1 billion resort project in Dubai, its first real estate investment in the Middle East. CSCEC did not specify how much money its Middle Eastern arm would put into the Viceroy Dubai Palm Jumeirah project, on which it is the main contractor. Developed by SKAI Holdings, a Dubai-based real estate investment firm, that project will include a hotel and furnished residences, and is to be completed in 2016.

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Reading Time: 2 minutes

Real estate developer Pearl Dubai said in a statement on February 3 that it had sold property assets worth $1.9 billion to Hong Kong-based investor Chow Tai Fook Endowment Industry Investment Development (Group) Ltd, a partner of China’s Ministry of Civil Affairs. The company bought serviced apartments, high-end residences and two five-star hotels at Dubai Pearl.

Reading Time: 2 minutes

Dubai PearlReal estate developer Pearl Dubai said in a statement on February 3 that it had sold property assets worth $1.9 billion to Hong Kong-based investor Chow Tai Fook Endowment Industry Investment Development (Group) Ltd, a partner of China’s Ministry of Civil Affairs. The company bought serviced apartments, high-end residences and two five-star hotels at Dubai Pearl.

The properties are part of the huge Pearl Dubai complex, which is now under development and will include a shopping mall and offices as well as residential space. It is due to be completed in 2017. Originally launched in 2008, the project was slowed for years by Dubai’s real estate market crash of 2008-2010, but is now proceeding as the market recovers, with residential property prices jumping about 20 per cent last year.

Consultants Jones Lang LaSalle said in a report last year that Chinese and South Korean investment in the United Arab Emirates’ real estate sector was expected to increase because of growing trade and other business cooperation between the countries.

Last June, China State Construction Engineering Corp (CSCEC), one of the world’s largest construction firms, said it had agreed to invest in a $1 billion resort project in Dubai, its first real estate investment in the Middle East. CSCEC did not specify how much money its Middle Eastern arm would put into the Viceroy Dubai Palm Jumeirah project, on which it is the main contractor. Developed by SKAI Holdings, a Dubai-based real estate investment firm, that project will include a hotel and furnished residences, and is to be completed in 2016.

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