HONG KONG Aug 28 Hony Capital, one of China's
biggest private equity firms, has agreed to buy a 15 billion
yuan ($246 million) stake in Shanghai Jin Jiang International
Hotels Development Co, the hotel company said on
Hony Capital, which manages about $7 billion, will buy 100
million shares in Shanghai Jin Jiang at 15.08 yuan a share, a 23
percent discount to the company's closing price on Thursday of
19.55 yuan, the company said.
That will give Hony Capital a 12.43 percent stake in
Shanghai Jin Jiang, making it the biggest institutional investor
in the hotel company, according to Thomson Reuters data.
The deal comes amid growing private equity interest in
China's property developers and managers, as their sources of
The deal has approval from China's commerce ministry, but
still needs a green light from China's securities regulator.
(1 US dollar = 6.1423 Chinese yuan)
(Reporting by Stephen Aldred; Editing by Denny Thomas and David