Chinese billionaire Wang Jing – worth $6.1 billion according to Forbes’ annual list – wants to start building a low-cost satellite system. Wang, aged 40, is working with Tsinghua University, and plans to have a 5-craft constellation in space within 10 years.

Wang is already backing the building of a new $40 billion canal across Nicaragua to link the Pacific and Atlantic, and by-passing the Panama Canal.

Reported by the Beijing News, Wand has already launched a test craft in September, and wants his satellites to service China and the Asia-Pacific regions and he says will be cheaper to operate than today’s satellites. “The cost of building the satellites with home-grown technology is very low and so we have high expectations on the return on investment in the future,” he is quoted as saying.

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