Hong Kong tycoon tells how he bought an aircraft carrier for China

One of the most entertaining stories to come out of China in recent months has been a mighty yarn in Hong Kong's South China Morning Post newspaper about a former People's Liberation Army (PLA) basketball player who bought an aircraft carrier, then towed it back home where it became a showpiece for the navy.

The Hong Kong-based businessman Xu Zengping, well known in the territory for his spectacular home on the Peak, bought the Varyag from the Ukraine, minus its electronics and weaponry, for $20 million (€17 million) back in 1998.

He told the Ukrainians he planned to refit the vessel as a casino in Macau.

Crucially, the engines were intact when he towed the vessel, later refitted and renamed the Liaoning, back from the Black Sea, although Beijing said at the time it had no intact engines.

It cost Mr Xu another $100 million, and an incredible bout of machinations, to get the vessel back to China.

The businessman told the paper he still hasn’t received a penny from the Chinese government.