This is one of the most viewed news on eastday.com. It is in fact referring to the "Shanghai Island" of the cluster of man-made islands in Dubai, known as The World (archipelago), being sold to a Chinese business man from Shanghai.
On October 9th, Bin Hu, director and owner of Zhongzhou International Holdings Group, signed a deal with Nakheel, the developer of "The World" project, to buy the "Shanghai" island for 28m USD.
"Shanghai" island consists of 9 smaller islands that are connected via bridges. Hu is planning to reconstruct some of the famous landmarks in Shanghai, such as The Bund, Oriental Pearl Tower, as well as the Huangpu River. Hu and his company will build 70 villas and a small holiday resort on "Shanghai" (geez, I wonder what the price tags will be!). He is also planning to spend another 100 m USD to purchase two more islands next year.
Incidentally, the China part of "The World" consists of 5 islands: "Beijing", "Shanghai", "Hong Kong", "Kunming" and "Taiwan". I wonder if "Taiwan" has been sold. If not, then I think it'll be the perfect home for the Taiwanese president, Chen Shui-bian, after he gets off his 8-year presidential term next year. 28 millions is small pocket change to him since he and his family have raked in a sizeable amount of tax-payers money via various creative ways of corruption during his term (and really, "Taiwan" is probably worth a lot less than "Shanghai"). Not only this will be Chen's only chance to declare "Taiwan" independent, he and his wife will need a good hide-out place to avoid facing criminal charges when he is no longer immune to prosecutions.
Chen and his wheel chair-bound wife, who has already used sickness as an excuse to refuse to turn up in court for, if I am up-to-date enough, 5 times.