It is, therefore, essential that European businesses gain a deep understanding of these wealthy Chinese individuals, the potential investment opportunities and their motivation.

Ni's proposal provides us with some insight into the mindset of these Chinese billionaires. Clearly, short-term financial gain does not appear to be the motivation. Rather it is the need to contribute significantly to Europe's cultural landscape that appears to have motivated Ni.

This fascination with Europe's cultural landscape is not just confined to the wealthy elite but explains the incredible rise in tourists from China. It is the city environments that most definitely appeal across Europe to the Chinese, many of which are in dire need of substantial investment in order to quickstart restoration and regeneration.

Gaining face - respect from others - still drives much of modern China and Chinese business and consumer behavior. Business and financial success is seen by many Chinese as a major way of gaining face but for these new and growing billionaires this has already been exhausted. The Chinese billionaire is, therefore, searching for new ways to continue to gain face and is not in desperate need for more financial success. A sharp contrast from the typical, ever business bloodthirsty US billionaire.

Instead we are witnessing the beginning of a growing number of Chinese billion-aires keen to gain face via substantial contribution to European cities' cultural attractions. Furthermore, short-term financial gain is not on their agenda at all.

This will be key to attracting and retaining investment from these cash rich Chinese entrepreneurs. Enticing them in the first place is also not so much about the usual business and market analysis but much more about their personal need to enhance their knowledge and reputation where high culture is concerned.

This is clearly the motivation behind Ni's recent interest in the restoration of Crystal Palace. Of course there is also some financial consideration but this is far out-weighed by London's image of culture and sophistication. Once this is fully understood by Europe's business community, it should be much easier to engage with the modern Chinese billionaire and gain invaluable investment funds.

Opposition to the investment ideas from China such as Ni's are not just misplaced but also represents a missed opportunity. Entrepreneurs often voice ideas, which require some considerable analysis, this is why they are entrepreneurs, and the mod-ern Chinese entrepreneur is no different. But these ideas should be viewed positively, as an opportunity for dialogue and discussion.

Ni's tentative plans should also be seen in this light. It may well be the case that the environmental impact of a full-scale restoration of the former Palace more than negates any short and long term economic impact. But this does not mean the door should be closed on Ni right away. Instead a process of engagement with the billionaire is now imperative with alternative investment of a similar, culture-focused nature put on the table.

Ni's proposal should also not be seen as an isolated, solitary idea. All of China's 300 plus, and growing, billionaires are now driven by this need for gaining face through enhancing their reputation for culture and sophistication. They are also prepared to pay an extremely high price (investment) in order to achieve this gain.

This is exactly the sort of investment opportunity that Europe and European businesses need more than ever. It is time for Europe to tap into the Chinese billionaire.

The author is a visiting professor at the University of International Business and Economics in Beijing and a researcher at Nottingham University's School of Con-temporary Chinese Studies. The views do not necessarily reflect those of China Daily.