Some investors for 'China's Panama Canal'

Wang Jing, billionaire owner of Hong Kong-based HKND Group, said the company’s US$40 billion project to cut a canal through Nicaragua has found unnamed global investors, Bloomberg reports. Construction is planned to start in 2014 and be completed six years later, Wang said at the same press conference Tuesday. He said he is confident that he will be able to find sufficient backers for the project among financial firms as well as those in the shipping, logistics and energy sectors. The new project would compete with the Panama Canal, which is currently undergoing a US$5.25 billion expansion.