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The Queen Elizabeth 2 has in fact been sold to Asian interests, but its not the scrap yards.

Oceanic Group has purchased the ship and intends to refurbish her into a floating hotel and entertainment venue. Oceanic has reportedly already to have taken over as the Technical Managers of the vessel. This explains the rumor of ‘Chinese crew already onboard.’

So far details are scarce as no official announcement has been made. What I do know is the accommodations will be reduced to 500 berths. Feature a plethora of restaurants and shopping centers.

As for her new permanent home, it is unknown. Oceanic holds offices in Singapore, Hong Kong, and Shanghai. I think it’s a safe bet that she’ll be berthed on one of those ports.

Official statement from Oceanic Group:

On 17 January 2013, in Port Rashid, Dubai, Oceanic Group unveiled its plans to transform the QE2 into a luxurious floating five-star hotel, securing its long-term future and extending the iconic ship’s legacy to new generations in Asia.
    Under Oceanic Group’s innovative concept, QE2, “The Most Famous Ocean Liner in the World”, will become a destination tourist attraction. She will offer 400 luxuriously appointed, European-style rooms and suites, gourmet cuisine, over 100,000 square feet of retail shopping, a QE2-themed museum, exhibition space, as well as a grand ballroom and many other amenities that will make it the perfect venue for special events, corporate functions and weddings.

    The QE2 is a global legend. She has carried over 2.5 million passengers, who have come to regard her as synonymous with luxury, elegance and exclusivity. Now, loyal fans of QE2 will be delighted to hear that she is beginning a new journey as a floating 5-star hotel, the first in Asia-Pacific.

As a luxury hotel, the QE2 will take her place alongside the great heritage hotels of Asia, including the Peninsula Hotel in Hong Kong, the Peace Hotel in Shanghai, the Grand Hotel in Taipei and the Rex Hotel in Ho Chi Minh City. She will add a new level of luxury accommodation without the need for land, and become an iconic tourist attraction to complement Asia’s already famous waterfronts.

The QE2 is an awe-inspiring ship with a rich history. The onboard experience will bring visitors back to her grand old days as the queen of the seas. Whether guests stay, dine or host events aboard the QE2, they will be guaranteed an utterly unique experience and memories to last a lifetime.