China (search) will soon have its own version of the extremely capitalist reality TV show "The Apprentice," according to a news report.

Donald Trump (search) will be the executive producer of the Chinese show, which will be hosted by a Beijing property mogul, the South China Morning Post (search) newspaper reported Sunday.

The report said the version in the communist country would closely follow the U.S. original, in which contestants use their business savvy to compete against each other, and the winner gets a job with Trump.

No release date was given, and the paper said the details of the deal are under final negotiation.

The paper quoted Trump as saying: "China is going to have its own version of 'The Apprentice.' There have been 11 (unofficial) copies of 'The Apprentice,' and every single one of them has failed."

The Chinese show will run in direct competition with "Wise Man Takes All" — another mainland-based show inspired by "The Apprentice" and backed by a busness associate of Trump's, Vincent Lo Hong-sui — the South China Morning Post said.

Lo, chairman of the Hong Kong-based Shui On Group and one of Shanghai's biggest property tycoons, is involved in a legal battle with Trump over the proceeds of a $1.76 billion property sale in New York, unrelated to the TV shows.