Economy

Markets

Industries

Insights

Reports

Events

Shanghai university buys French party HQ

(China Daily/Agencies)
Updated: 2008-08-14 10:31

A Shanghai university has bought the former headquarters of French political party the National Front in Paris, news agency Agence France-Presse (AFP) reported yesterday.

"A formal sale offer has been signed with a university in Shanghai," AFP quoted the party's press service as saying.

The National Front, which is known for its anti-immigrant stance, is headed by 79-year-old Jean-Marie Le Pen, who has campaigned several times to become president of France under the slogan "Keep France for the French".

However, it has been facing growing financial difficulties, French newspaper Le Monde reported yesterday.

Despite selling a bulletproof car earlier this year on eBay, the party's total debt is still about 9 million euros ($13.4 million), the paper said.

Its financial situation worsened after a poor showing in last year's legislative elections, which meant it had to cover its own campaign costs, the report said.

The unnamed institution is reported to have paid between 12 million and 15 million euros for the sprawling mansion, known as The Cruiseliner, which is located in the western Paris suburb of Saint Cloud, it said.

The university reportedly wants to use the 5,000 sq m of office space as a center for teaching French to Chinese students, it said.

China Daily yesterday contacted education authorities in Shanghai but officials there were unable to confirm the identity of the university or provide any further information regarding the reported property deal.