$4 million: China's first uninhabited island finds new owner

(ECNS) -- The Danmenshan Island, China’s first uninhabited island in Xiangshan County, Ningbo City, Zhejiang Province, was sold at auction for 28.68 million yuan (about 4 million U.S. dollars) on Friday.

Li Guozhu won the auction to become the new owner of the island. He will obtain the right to use the uninhabited island, the sea area, as well as the existing buildings and related supporting facilities on the island until 2061.

The first island owner was surnamed Hu and the island was transferred to Huang Yimin, chairman of Ningbo Longgang Industry Co., Ltd, reports said.

Huang paid tens of millions of yuan to the original developer and related parties when taking over the island and obtained a certificate issued by the State Oceanic Administration of China with the number 11001 in 2011, which will expire on October 10, 2061, after paying 3.44 million yuan to the government. Therefore, Huang became China’s first legal “island owner”.

According to Huang’s plan, at least 100 million yuan was invested in the island before 2020 for beach golf, a hot spring resort hotel, a beach mud bath, a film and television shooting base, and other projects.

However, poor management and lack of funds in Huang’s company made him on the list of dishonest executors and lost the use right of the island.

The Danmenshan Island is 1.82 kilometers long and 0.52 kilometer wide, with unique island scenery. The vegetation on the island is mainly grass, with some sparse coniferous forests. There is also rare Danxia landform. The island is surrounded by reefs and conchs, with a beautiful red beach.

According to China's laws, uninhabited islands are owned by the state, and the State Council exercises the ownership of uninhabited islands on behalf of the state. Individuals or institutions can only apply for the right to use, with the longest period no more than 50 years.