Wednesday, 2023 November 29 buys indebted Beijing hotel at $395m, but claims it will not enter hotel sector

Chinese e-commerce giant has bought a 100 percent stake in a landmark hotel located in Beijing’s Zhongguancun region, also known as China’s “Silicon Valley ” at RMB 2.68 billion (US$395 million).

By end of September last year, the hotel, named Cuigong Hotel, posted a net loss of RMB 47.1 million (US$6.94 million) and had racked up a debt of RMB 784 million (US$115.5 million).

JD’s vice president Song Yang said on WeChat that the e-commerce behemoth could use this hotel as an office building to attract talent living around Zhongguancun area, dismissing speculations that JD would enter the hotel business.

JD is headquartered in Beijing’s Yizhuang area, at least 1.5 hours far away from Zhongguancun by subway.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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