Beijing Interoceanic Canal Investment Management Co said in a statement that tycoon billionaire Wang Jing has plans to spend USD10 billion to develop a deepwater port in Ukraine. Wang's company also said that in order to do so, the Chinese billionaire will be forming a strategic partnership with its Ukrainian partner Kievgidroinvest LLC to work on an economic development zone and port, which will be located on the Crimean peninsula. Wang unveiled his newest venture as Ukrainian President Viktor Yanukovych was in Beijing for a visit.

Wang is known to be behind a plan to cut a canal through Nicaragua worth USD40 billion. Beijing native Wang said earlier in June that he will be spending USD40 billion to construct 286-kilometer or 178-mile canal in Nicaragua. Wang also said the waterway will start by the end of next year and will be completed within six years' time.

Beijing Interoceanic added that the development project of the Ukrainian infrastructure will be done in two phases. The first phase, which is worth USD3 billion, will include an establihsment of a new new deepwater port, development of an economic zone which will be home to technology-focused companies, and the reconstruction of the Sevastopol port. The second phase, which is worth USD7 billion, will include the construction of an airport, a shipyard, and a liquefied natural gas terminal. The funding for phase one, according to the statement, has already been secured and is composed of bank loans, partner investments and Wang's personal money. Construction for phase one will begin at the end of next year.

The statement nor Bloomberg's report were not clear about funding and timetable plans for the second phase of the Wang and Kievgidroinvest' joint project.

Wang owns infrastructure developer Hong Kong-based HKND Group and is chariman of Beijing Xinwei Telecom Technology Co, a closely-held mobile phone technology provider. According to the Bloomberg Billionaires Index, Wang's net worth is around USD1.1 billion.