File - An aerial view of the Dubai Marina is seen during the UIM XCat Powerboat Championships in Dubai, April 6, 2010. (REUTERS/Mohammed Salem)
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Real estate developer Dubai Pearl said Monday it had sold property assets worth $1.9 billion to a Hong Kong-based investor, in a sign of increasing Chinese interest in Dubai's booming property market.Chow Tai Fook Endowment Industry Investment Development (Group) Ltd., a partner of China's Civil Affairs Ministry, had bought serviced apartments, high-end residences and two five-star hotels, Dubai Pearl announced in an emailed statement.Originally launched in 2008, the project was slowed for years by Dubai's real estate market crash of 2008-2010, but is now proceeding as the market recovers, with residential property prices jumping about 20 percent last year.Last June, China State Construction Engineering Corp, one of the world's largest construction firms, said it had agreed to invest in a $1 billion resort project in Dubai, its first real estate investment in the Middle East.
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