Anbang sells luxury hotels to South Korea’s Mirae for US$5.8 billion, ending Chinese asset buyer’s foray into hospitality

//Anbang sells luxury hotels to South Korea’s Mirae for US$5.8 billion, ending Chinese asset buyer’s foray into hospitality

Anbang sells luxury hotels to South Korea’s Mirae for US$5.8 billion, ending Chinese asset buyer’s foray into hospitality

Anbang Insurance Group agreed to sell a luxury hotel portfolio for a little more than US$5.8 billion to South Korea’s Mirae Asset Management, marking the end of the Chinese insurer’s short-lived investment in the properties.Mirae posted a 10 per cent deposit on the portfolio this week, according to a person familiar with the matter who asked not to be named because the details are private. The parties were nearing a sale last month, as Bloomberg News reported at the time. Irregularities in the…

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By | 2019-09-11T03:00:06+00:00 September 11th, 2019|Business|Comments Off on Anbang sells luxury hotels to South Korea’s Mirae for US$5.8 billion, ending Chinese asset buyer’s foray into hospitality