GreenTree Hospitality Group, a hospitality management group, agreed to acquire Da Niang Dumplings and an 83.9% stake in Bellagio, two restaurant chain businesses in China, from GreenTree Inns Hotel for $59m. "This transaction will enable GHG to enter the large and fast-growing food service industry in China, further diversifying our business and bringing complementary services, resources, and revenue streams to our company. We believe that Da Niang Dumplings and Bellagio are well-positioned to benefit from the increasing consumer demand for service of quality food and leverage upon our unique ecosystem, highly effective and scalable franchise management system and hotel network to provide quality services to the public. We see a lot of synergies between our team and the highly experienced teams of Da Niang Dumplings and Bellagio," Alex Xu, GreenTree Hospitality CEO.