Saudi Prince Alwaleed bin Talal said yeaterday his company Kingdom Hotel Investments (KHI) has invested $58 million in a 387-room Chinese hotel in the city of Kunshan, near Shanghai.
The Prince is in China to look for investment opportunities as he considers an Asian expansion of his hotel empire.
Meanwhile, a newspaper report quoted Alwaleed as saying: "I believe in Hong Kong and I believe in China. We believe in China and the growth story of China."
Alwaleed said he was looking for opportunities for a billion dollar "war chest" his business had amassed.
He said China had become a focus for Saudi businessmen, who have put funds into major company listings.
"This shows the Saudi investors have a keen interest in China," said Alawleed, who was also due to visit Beijing, Shanghai and Macau during his Asian tour.
Such is the regard in which China holds Alwaleed - who is not a member of the Saudi government - that President Hu Jintao made a point of meeting him during visit to Saudi Arabia last year.
Alwaleed also said in the Standard report that he was looking to join forces with the Chinese government, or businessmen in Hong Kong and the mainland to invest in Africa.
"Africa needs everything. There is so much potential," he said.
Alwaleed, who gave no scheduled press conference, was talking to reporters as he left the Four Seasons Hotel in Hong Kong, where reports said he had stayed in a 45,000 dollars-a-night ($5,770) suite.
