Announced
Financials
Tags
Domestic
Private
Hotels and Motels
Disposal
hotel
Friendly
Acquisition
Single Bidder
Real Estate
China
Majority
Pending
Synopsis
Shanghai Land Group, a real estate developer, agreed to acquire hotel property Hyatt on the Bund, Shanghai Hotel, from Shimao Group, a real estate developer, for $707m. The deal is part of the Chinese government's push to buy assets from cash-strapped private developers, as Beijing steps up efforts to stabilise and tighten control over a beleaguered sector that accounts for a quarter of its economy.
© COPYRIGHT 2024 MERGERLINKS LIMITED.
ALL RIGHTS RESERVED.
15 BONHILL STREET, LONDON, EC2A 4DN, UNITED KINGDOM.