The island of Feydhoo Finnolhu located in Male’ Atoll has been sold off to a Chinese company for USD 4 million as per the Tourism Minister Moosa Zameer.
After a function held at Hotel Jen, speaking to the press, he stated that the sale of the island was complete and the lease agreement has also been signed by both the Chinese company and the Maldivian Government for a period of 50 years. The company as of now is still unnamed.
The money from the sale is set to be given to the Police welfare fund as the island has been used for the use of Police welfare activities in the past till the sale happened. With the sale of the island, it is proposed and planned for the Police to gain as much as USD 63 million in the span of 50 years of the lease.
The previous international announcement for the acquisition cost of the 4.10-hectare island was USD 3.6 million.