Chinese Billionaire Plans $10 Billion to Develop Ukrainian Port

Wang Jing, the Chinese billionaire behind a $40 billion plan to cut a canal through Nicaragua, wants to invest $10 billion in a deepwater port in Ukraine.

Wang will team up with Ukrainian partner Kievgidroinvest LLC to work on a port and economic development zone on the Crimean peninsula, Wang’s Beijing Interoceanic Canal Investment Management Co. said.

The project’s first phase, estimated at $3 billion, includes building a new deepwater port, reconstructing Sevastopol port and developing an economic zone that will house technology-focused companies, the company said in a statement.

The second phase will include an airport, a liquefied natural gas terminal and a shipyard, and will cost about $7 billion, according to the statement.

Funding for phase one has been secured and includes Wang’s own money, bank loans and investments from partners, the company said. Construction will start at the end of 2014.

Wang is the chairman of closely held mobile phone technology provider Beijing Xinwei Telecom Technology Co. and owns Hong Kong-based HKND Group, an infrastructure developer. He has a net worth of about $1.1 billion, according to the Bloomberg Billionaires Index. He unveiled the investment plan as Ukrainian President Viktor Yanukovych was visiting China’s capital.

Wang, a Beijing native, said in June he will spend $40 billion to build 286-kilometer (178-mile) canal in Nicaragua. Work on the waterway should start by the end of 2014 and be completed within six years, he said.

The Central American country has attempted to construct an inter-oceanic channel on several occasions since the mid-1800s without success. Wang said in June he’d successfully attracted global investors, without identifying any of them.

— With assistance by Michael Wei

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