of a dispute with Japan had belonged to China since antiquity.
"After that, I realised that the Times' influence all over the world is incredibly vast," he said. "Every government and embassy, all around the world, pays attention to the New York Times."
The Times earned the ire of the Chinese government in 2012 with a report about the wealth of former Premier Wen Jiabao. The Times website has been blocked since then.
Chen said it was natural for the government to block the site because the report on Wen "contained biased and negative things that were not verified".
"If I acquire the Times, the paper will only report the truth and must verify all information," he said, adding that he would like every Chinese household to subscribe to the paper.
If his offer failed, Chen said he would extend offers to CNN, the Washington Post or the Wall Street Journal.
"As long as they have some influence, I'm still willing to consider buying lesser media outlets," he said.