Shimao Property Holdings Ltd, a Shanghai-based property developer listed on the Hong Kong Stock Exchange, and Starwood Capital Group, a U.S. private investment firm, have announced plans to jointly establish a new hotel joint venture in China.
Under the terms of the agreement, Shimao will hold a 51% stake in the joint venture, while Starwood will own the remaining 49%. The venture plans to focus on developing and operating news hotels in China, according to a company announcement.
"The joint venture will focus on maximizing the benefits that can be derived from the intangible assets, consolidating the group's sustainable commercial development while ensuring profitabili...
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