Guangdong entrepreneur Lin Dong seems to have his island ideas all mapped out
Forming purchasing groups to increase bargaining power is a Chinese tradition that’s applied to everything from buying vegetables to acquiring Shanghai apartments, but one Guangdong business baron is now setting up his own team of island buyers to tour the south Pacific.
Lin Dong, who says he has spent RMB 30 million ($4.83 million) to build up his own portfolio of 40 islands, is bringing along five of his pals on a trip to Fiji, Tuvalu and Tahiti this month to check out bargain-priced islands in the tropical countries.
“Fiji is in the South Pacific where the environment is very beautiful and the location is good as direct flights will begin soon,” Lin told the People’s Daily in an account published this week. “Islands there are not expensive, about RMB 3 million ($483,000) for one island,” he added.
Island Buying Becomes a Thing on the Mainland
Lin and a pal share relaxing moment on a private sandy spot
According to Lin, island buying is the latest status symbol for mainland tycoons who already have everything else in life. “Chinese have only just started to buy private islands,” Lin pointed out in an interview in the Guangzhou Daily.
“Now rich people already have yachts, already have aircraft,” he said. “But having an island is the aircraft carrier. Once you already have the jet and the yacht, having an island becomes the peak of luxury,” Lin added.
As if to prove that his pastime is a trend, the entrepreneur has set up an island owner club in China and already has over 60 members.
Why Chinese Prefer Overseas Islands
While Lin has many islands in China he says that for himself and his club members, islands in other countries are the way to go.
Islands and other land in foreign countries can be purchased outright and in smaller countries development restrictions may be minimal. In China, Lin points out that islands can only be leased for a maximum of 50 years and local governments often tightly control how they can be used.
And its not just the south Pacific that is attracting China’s island buying wealthy classes. In New Zealand earlier this year a Chinese woman who terms herself a housewife paid $5.7 million for Slipper Island, a 217 hectare resort spot complete with six houses, an airstrip and some of the country’s finest beaches.
Leave a Reply