A general view of New Zealand's North Island.[Photo/CFP]

Chinese tycoon splurges on New Zealand island

A Chinese woman splurged millions on an island in New Zealand and gave it to her daughter as a toy, reported tabloid news website stuff.co.nz.

Slipper Island is one of the few privately owned islands in New Zealand and has been owned by the Needham family for 45 years. It was purchased recently by a Chinese real estate tycoon for $7.5 million. The sale involves about 217 hectares on the island, including six houses, stunning beaches and an airstrip.

The buyer, Wendy Weimei Wu, who calls herself a "housewife", has a string of directorships including some for property investment companies. She made headlines in 2010 for buying a historic mansion in an Auckland suburb for $15 million.

Wu's daughter, Vivienne Zhuo, said her mother "just loves the island" and “it's a toy for her." She said they have not yet decided what to do with the island.

The sale has divided the Needham family with some family members claiming it represents the loss of the family's legacy.

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