<table><tr><th>From:</th><th>Sultan Bin Sulayem |</th></tr><tr><td>Sent:
To:</td><td>Thursday, April 3, 2014 1:21 PM
Jeffrey Epstein; Jefftey Epstein</td></tr><tr><td>Subject:</td><td>Wall Street journal</td></tr></table>

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http://m.europe.wsj.com/home-page <http://m.europe.wsj.com/h=me-page>

Chinese l=vestors Change Face of Dubai

Investment by Individual Chinese Investors Nearly Tripled Last Year

<http://si.wsj.net/public/resources/images/MI-CC137_CHINAD_D_20140401=51742.jpg> Shoppers visit a store in the Dragon Mart shop=ing mall, part of an emerging Chinese retail center in Dubai. Photo: ASSOCIATED PRESS

By
RORY JONES

<http://m.europe.wsj.com/articles=SB10001424052702304157204579475383372801044?mg=reno64-wsj#>

About 15 miles from the Burj Khalifa on the a=ge of the Arabian desert is a growing housing and retail community that wou=d look more at home in Beijing than Dubai: Stores and restaurants have Chin=se signs and a huge dragon sculpture adorns the Dragon Mart shopping mall.<=span>

After pouring billions o= dollars into cities including London, New York and Sydney, individual inve=tors and developers in China are expanding into Dubai.

Chinese investors and developers weren't ver= active before 2009, when Dubai was hit by a real-estate crisis. But they n=w play an increasingly important role in the market, according to brokers, d=velopers and analysts.

=emand from individual buyers is helping launch new developments and fueling=Dubai's residential recovery, while Chinese contractors and banks are revit=lizing high-profile projects that stalled in the previous boom.

<= style="margin: Opx 0px 0.75rem; padding: 0px; border: 0px; outline: Opx;=vertical-align: baseline;">The market looked a lot different i= 2009, when Dubai World, one of the emirate's major government-owned holdin= companies, said it would stop making debt repayments, shocking global fina=cial markets and sparking a drop in residential house prices of more than 5=%. The Burj Khalifa, the world's tallest tower, opened weeks later.<=p>

While residential prices rose b= about 35% last year, they still are 20% off their previous peak. In prime c=mmercial property, the market aimed at medium-to-large corporations, prices=are projected to rise by about 10% in 2014, after a 5%-to-7% increase last y=ar, according to Knight Frank, a London-based property consultancy.<=p>

Indians, Britons, Pakistanis an= Saudis were the biggest foreign purchasers in the previous boom, and again=make up the largest portion of buyers. But Chinese investors are now one of=the fastest-growing buyers in the market, according to the Land Department.=/span>

government-owned Built in developers. 2004 on the It o=tskirts has become of the such city, a Dragon popular Mart mall was that developed N=kheel is by now Nakheel, adding one 177,000 of Dubai's square b=ggest meters (1.9 million square feet) of reta=l space and a hotel.

A=ound this retail Mecca, a Chinese community has sprung up in a residential e=tate called International City, which also was built by Nakheel. The develo=er estimates that half the population of about 100,000 in International Cit= is from China.

What's=more, about half a new development of about a thousand town houses has been=sold to Chinese investors, according to Ali Rashid Lootah, the cha=rman of Nakheel. "They have bought in other areas, but not as much as Inter=ational City," Mr. Lootah adds.

Many wealthy Chinese seek to invest abroad to diversify. They find D=bai attractive partly because they believe they can achieve returns of as m=ch as 30% annually—better than Hong Kong, Shanghai and Beijing, whe=e real-estate markets are cooling, according to brokers, analysts and inves=ors.

"The prices in Du=ai are much lower than in China," said Joan Chang, 32, a resident of the Un=ted Arab Emirates who is originally from Shanghai. She manages her and her h=sband's portfolio of five one- and two-bedroom apartments throughout the em=rate and is looking to purchase a villa.

In 2020, Dubai will host World Expo, a six-month trade fai= that analysts forecast will boost the emirate's economy and increase real-=state prices. "This is the main advantage Dubai has in the future," Mrs. Ch=ng adds.

Underpinning C=inese residential investment are greater commercial trade ties between the U=A.E. and China, noticeably in commercial real estate. Chinese developers, b=th private and state-owned, are expanding throughout the world as they seek=stable returns outside their slowing home market.

Last year in Dubai, state-owned China State Cons=ruction Engineering Corp. bought an undisclosed stake in the $1 billion Vic=roy Hotel on the Palm Jumeirah. It created a joint-venture development comp=ny with Dubai-based developer SKAI Holdings to build and manage the project= and helped the venture win $201million in financing from Industrial and C=mmercial Bank of China, according to executives at China State Construction=and SKAI.

China State C=nstruction is known for building some of the highest-profile works in China= including the national swimming center in Beijing known as the Water Cube arid Hong Kong International airport.

<=pan style="-webkit-text-size-adjust: auto; background-color: rgba(255, 25., 255, 0);">But now it is expanding overseas and moving into development, r=ther than solely construction. In December, it bought New York-based Plaza C=nstruction for an undisclosed sum and it is building a $3.4 billion casino a=d resort in the Bahamas. It also has a number of significant contracts in A=u Dhabi, 100 miles down the road from Dubai in the U.A.E.

—Jason Chow contributed to this article.

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