Chinese Construction Magnate Buys Greek Island

Photo source: CRI English

A construction magnate from the southwestern province of Yunnan has bought a Greek island for 4.8 million yuan (about $770,000) following an auction on Taobao, China’s largest online-shopping platform.

According to English-language website of China Radio International (CRI English), Chinese bidders bought three of four islands that were up for sale in the auction. The islands sold belonged to Greece, Canada and Fiji, while an island in the United Kingdom remained unsold.

At least 48 bidders took part in the auction to buy the islands. The auction was held by the real-estate firm Ilongterm.

The winning bidders will now be taken to the islands for on-site inspections and for the completion of procedures like paying taxes, commissions and legal expenses, CRI English reported.

In 2014, seven overseas islands were sold to wealthy Chinese citizens.