Reclusive Chinese billionaire strikes US$33m deal to take over Shanghai hotel
China’s first online gaming billionaire has acquired the Mia Hotel in downtown Shanghai in a deal worth about 220 million yuan (US$32.6 million), becoming one of the latest investors to bet on a turnaround in the country’s long-suffering property market. Chen Tianqiao – a reclusive entrepreneur known for his global investment portfolio – bought the hotel from Singapore-headquartered investment firm GLP at a below-market price, with analysts describing the deal as a “sound investment”. The...
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