Chinese billionaire to build satellites

Chinese billionaire Wang Jing – worth $6.1 billion according to Forbes’ annual list – wants to start building a low-cost satellite system. Wang, aged 40, is working with Tsinghua University, and plans to have a 5-craft constellation in space within 10 years.

Wang is already backing the building of a new $40 billion canal across Nicaragua to link the Pacific and Atlantic, and by-passing the Panama Canal.

Reported by the Beijing News, Wand has already launched a test craft in September, and wants his satellites to service China and the Asia-Pacific regions and he says will be cheaper to operate than today’s satellites. “The cost of building the satellites with home-grown technology is very low and so we have high expectations on the return on investment in the future,” he is quoted as saying.

You must be logged in to post a comment Login