Reclusive Chinese billionaire strikes US$33m deal to take over Shanghai hotel

Online gaming billionaire Chen Tianqiao acquired the Mia Hotel at a discount, as investors bet on a recovery in China’s prime real estate market 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”. Shanda Group – the investment firm Chen initially founded as an online games company – obtained full ownership of the hotel on March 18, buying the stake owned by a subsidiary of GLP, according to Qichacha, a Chinese corporate database. “This can be viewed as a sound investment,” said Yan Yuejin, vice-president of Shanghai-based property consultancy E-house China Research and Development Institute.

Read the full article at the source →