A Chinese real estate magnate is financing a new internet cable between Los Angeles and Hong Kong for Google and Facebook, the Wall Street Journal reports.
Wei Junkang, 56, is the main financier of the US$500 million Pacific Light Cable Network, and his son Eric, 33, who grew up in California, will spearhead the project, the newspaper said.
It will be the world’s highest-capacity internet link between Asia and the US, and the first project of its kind to be majority-owned by a single Chinese company, according to the report.
The elder Wei’s company, Pacific Light Data Communication Co., will own 60 percent of the project, while Google and Facebook will each own 20 percent, Eric Wei said.
For Alphabet Inc.’s Google and Facebook Inc., the undersea cable provides a new data highway to the booming market in Southeast Asia.
American contractor TE SubCom has been hired to manufacture and lay the 17-millimeter wide, 12,800-kilometer-long cable, which is expected to be operational by late 2018.
The project needs US regulatory approvals.
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