Chinese billionaires build big


What does a business district, a film studio and a Victorian exhibition centre have in common?

The answer, surprisingly, is Chinese builders. Three major projects worth $7bn at home and abroad have been announced by several different entities, as China's thirst for fixed investment remains unsated.

In the UK, a Chinese real estate billionaire has announced plans to pour £500m ($810m) into reconstructing Crystal Palace - a 19th century exhibition centre which was destroyed by fire over eight decades ago.

Ni Zhaoxing, the chairman of Zhongrong Real Estate Group, plans to rebuild the enormous 500m wide by 50m tall glass structure in the original Crystal Palace grounds, which now houses an ampitheatre used for concerts. "This is a once-in-a-lifetime opportunity to bring [Crystal Palace's] spirit back to life", says Ni, who eventually hopes to profit from the surge in tourism and rental fees.

Meanwhile, further north in Britain the Beijing Construction Engineering Group Co is planning to invest £800m ($1.3bn) into building an international business district near Manchester airport. The Group, in a conjunction with Manchester Airports Group and several other partners, is aiming to create the UK's biggest business hub outside of London.

Chinese investment in Britain surged 95% in 2012, making it the most popular destination for Chinese outbound investment in Europe. Other projects on the cards include massive investment in UK nuclear reactors and a third financial district in London.

Closer to home, another real estate billionaire is also embarking on an ambitious and unexpected project. Wang Jianlin, China's richest man, has announced plans to build the world's largest film studio in the eastern city of Qingdao.

The chairman of Dalian Wanda Group, a giant real estate concern, will commit over 30bn yuan ($5bn) to the project, which will also contain a wax museum, a yacht club, hotels and other cultural facilities.

"The sooner you partner China, the sooner you make more money", claims Wang. He may just be right.