China’s first online gaming billionaire has acquired the Mia Hotel in downtown Shanghai in a deal worth about RMB 220 million ($32.6 million), reports the South China Morning Post.
Chen Tianqiao – a reclusive entrepreneur and founder of Shanda Group 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 53-year-old, who has stayed out of the public eye in China for years, appears to be looking to take advantage of the long downturn in the Chinese property market, which has caused prices to plunges since 2020.