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…
Source : South China Morning Post
Read more…Reclusive Chinese billionaire strikes USm deal to take over Shanghai hotel















