Examples of Chinese investors using their rapidly-expanding wealth to buy overseas developments, such as luxury resorts, continue to emerge.

Examples of Chinese investors using their rapidly-expanding wealth to buy overseas developments, such as luxury resorts, continue to emerge. A report by AFP said such investors are due to put more than $1 billion into a Caribbean scheme. And there is a particular twist to this story.

The development is in Antigua and Barbuda, in what is described as the first “mega resort” for the jurisdiction, involving a 1,600-acre site, comprising a hotel, residential and commercial properties. Work is due to start early in 2015.

In an ironic twist, the land to be used for the site was once owned by the disgraced US financier Allen Stanford, who was convicted of multiple fraud charges in 2012 and now serving a 110-year jail term.

Beijing-based Yida International Investment Group has been dealing with liquidators for the site, the report said.

Among other examples of Chinese wealth being used to fund luxury property developments is that of Wang Jianlin, who has reportedly committed $HK12.5 billion ($1.7 billion) to invest in Australian property. That investment, by China’s richest man, includes a $900 million development on Australia’s Gold Coast area. The development, which comprises a 1.13-hectare site, includes 110 meters of beachfront.