Satellite's launch marks milestone

All of the Chinese spacecraft previously launched were funded by the government, State-owned space contractors or private companies rather than an individual. 

Hu said the 3-kilogram FMN 1 has a high-resolution camera with two panoramic lenses, capable of capturing images and videos of Earth and space alike. He said the satellite's development started in March last year and finished in August, adding that his company will make other satellites for Feng. He refused to elaborate, citing business confidentiality. 

Feng could not be reached for comment on Friday. He was quoted in earlier reports by Chinese media as saying that he hoped the satellite could enable the public to get close contact with space and also give him a new platform for mass communication. He also said the satellite would fly over China three times a day and will be able to transmit data back to the ground at those times. 

The property magnate did not reveal the cost of the program, according to the reports. 

Fu Zhiheng, vice-president of China Great Wall Industry, said the launch contract was signed between Great Wall and LinkSpace and that the cost for the lift service "wasn't very high".