China has started selling small uninhabited islands to private developers to promote tourism in a big way, in a sharp turn around by the world's leading Communist nation.
The first of the islands off the country's east coast was auctioned yesterday for USD 3.2 million to a developer eyeing yacht recreation.
The auctioned island, Dayangyu, is located 300 meters off the coast of Ningbo city, Zhejiang province, with an area of 0.258 sq km and a sprawling coastline.
The Communist government is proposing to sell many more such islands and has compiled a list of 176 uninhabited islands for development.
Ningbo Gaobao Investment Co. Ltd. won the land use rights of Dayangyu for 50 years with an offer of 20 million yuan (USD 3.2 million).
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Monday, November 21, 2011