Shanghai Land Group to acquire Hyatt on the Bund from Shimao Group for $707m.

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.