Limitless, a business unit of Dubai World, and its subsidiary in Hong Kong, has won the bid for the development of Xiaomai Island in Qingdao at a price of CNY4.368 billion.
The Xiaomai Island is located on the east of Yinhai International Yacht Club, which was the training base for 2008 Olympic Sailing events. The project covers a planned construction area of 420,000 square meters and consists of a seven-star standard hotel, and leisure tourism, conference, and exhibition facilities.
This is the first real estate project that Dubai World has invested in, in China, and construction will commence next year, with completion scheduled to be within five years. Limitless the builder of the seven-star hotel Burj Al Arab aims to build Xiaomai Island into an attraction including a themed park, a large theater, a resort, and a seven-star standard hotel for a total investment of about USD500 million.