Dubai Pearl developer sells $1.9bn of assets to Hong Kong investor
Deal shows increasing Chinese interest in booming property market
Property developer Dubai Pearl said on Monday it sold property assets valued at $1.9 billion to a Hong Kong investor, in a sign of increasing Chinese interest in Dubai’s booming property market.
The transaction, which brings to an end a two-year delay in the development of the Pearl project, includes the sale of high-end residences and serviced apartments and two 5-star hotels, the company said in an emailed statement.
Chow Tai Fook Endowment Industry Investment Development (Group) Ltd (CTFE), the exclusive development partner of China’s Ministry of Civil Affairs, will use Dubai as its first international destination for its Chow Tai Fook districts which it develops in various cities of China.
Dubai Pearl is a 20 million square feet mixed-use scheme overlooking the Palm Jumeirah containing branded apartments retail and leisure, commercial offices and hospitality units.