A group of investors led by China entrepreneur Chen Yihong has agreed to invest $29 million to develop a marina and real estate in the Boundary Bay area of the U.S. state of Washington.

China Dongxiang, a Hong Kong-listed sportswear supplier controlled by Chen, will indirectly invest $10.1 million, a company 100% owned by Chen will put in $15.9 million, and an independent party will add the rest, according to a statement today by China Dongxiang.

The group is making the investment to “further develop the sports tourism business,” China Dongxiang said in the statement.

The funds will be used to purchase a target company that owns a marina and 149 acres of surrounding undeveloped land.

Chen ranked No. 353 on the 2014 Forbes China Rich List with an estimated fortune of $750 million. He was a member of the 2011 Forbes Billionaires List with a fortune worth $1.4 billion, before dropping off the following year.