Global EditionASIA 中文双语Français
Home / Business / Companies

JD buys Beijing Jade Palace Hotel for $398m

By Fan Feifei | | Updated: 2019-02-12 11:21
Share - WeChat
A view of Beijing Jade Palace Hotel, Dec 29, 2018. [Photo/VCG]

Chinese e-commerce giant JD has acquired Beijing Jade Palace Hotel for 2.7 billion yuan ($397.6 million), with an aim of transforming the five-star property into a new office building and innovation center.

The Nasdaq-listed company said on Monday it bought 100 percent ownership of the hotel, which is located near a batch of universities and Zhongguancun Science Park in the capital.

JD said Beijing's Haidian district is full of talent and innovation resources, and the acquisition of the hotel is based on JD's long-term layout and development in this district.

The hotel will be transformed into a venue mainly for technology innovation and commercial business, according to JD. The headquarters of the company is now in Yizhuang in the southeast suburb of the city.

The Beijing Jade Palace Hotel, which was established in 1987 with a registered capital of 480 million yuan, posted a net loss of about 47 million yuan from January to September 2018.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349