With the 100th anniversary of the Titanic and the 3D version of the blockbuster's release, a "Titanic fever" has been brought back around the world. An Australian billionaire on Monday says he will build a high-tech replica of the Titanic using a Chinese shipbuilder. Its maiden voyage in late 2016, will be from England to New York, just like the original.

Weeks after the 100th anniversary of the sinking of the original Titanic, Clive Palmer announced he had signed a memorandum of understanding with state-owned Chinese company CSC Jinling Shipyard to build the Titanic II.

Being powered by diesel rather than coal, the four smoke stacks on the Titanic II will be purely decorative. Designers and historical researchers have commenced work on the replica, which will have the same dimensions as the original.

Clive Palmer said, "The ship will be constructed, other than the technology, the bowline, on the same plans as the original ship as far as layouts go, room decor and finish."

The 58-year-old Palmer was Australia's fifth richest person last year with an estimated wealth of more than 5.2 billion US dollars. He built his fortune on real estate before becoming a coal mining magnate.

Palmer says he's established a new shipping company called Blue Star Line and the company has commissioned CSC Jinling Shipyard to build and coordinate the construction of Titanic II. However, he is keeping the cost a secret.

Clive Palmer said, "We think it will be a great achievement, also be a great tribute to the people who designed the original Titanic. It was certainly their intention that their work and their skill and their endeavours survived into the future and we think we've got a vested interest in ensuring that it survives into the next century."

Titanic II is planned to be completed in 2016. It will then sail from Shanghai to London with an escort from the Chinese navy. Palmer says he will also invite the Royal Navy to escort its maiden voyage to New York and the US Navy to escort it back to London.

(CNTV May 2, 2012)