A press report on CNN.com reports that Wang Chaoyong – chief executive of a Beijing-based investment company – has announced a pioneering 32 million euro ($42m) bid to challenge for the America’s Cup.

Apparently China Team, as it will be known, is joining forces with Le Defi to hopefully embark on a challenge for the 2007 event in Valencia.

Xavier de Lesquen, who led Le Defi’s unsuccessful challenge in the last two ACC events, will be the co-director with Wang, and the challenge will be based at Qingdao – the site for the sailing events at the 2008 Beijing Olympics.

A quote from Wang on CNN.com indicates that the team’s priority is to be at the event but they have their sights firmly focused beyond the Cup itself with the aim to train a small pool of emerging Chinese sports sailors and harness local engineering and design competence.

Wang commented: “We would like to see a good result, but we want to build a good platform and play up Chinese talents.”

So far eight teams have officially signed up to challenge Team Alinghi for the 2007 event including BMW Oracle, Team New Zealand, Team Shosholoza, 39 Challenge, Luna Rossa, Victory, K-Challenge, and El Reto. China Team have until 29 April – the challenge list deadline for the 2007 event – to confirm their bid.