Chinese investors turn to Dubai

SHANGHAI: Property speculators from Wenzhou who contributed to the sky-high real estate prices in the country's largest city are moving their cash into debt-laden Dubai.

A group of 12 Wenzhou entrepreneurs just came back from a four-day visit in Dubai last Friday to scout the dwindling real estate market.

"Since the recession on real estate in Dubai, I've led three groups of investors to Dubai to investigate properties," said Chen Zhiyuan, the president of Wenzhou Chamber of Commerce in the United Arab Emirates.