Chinese real estate firm acquires 90.5% stake in luxury travel firm A&K
Chinese real estate and investment company Zhonghong Group announced on May 8 that it plans to acquire a 90.5% stake in luxury travel company Abercrombie & Kent (A&K) for USD 412.49 million.
The deal will be paid through Zhonghong's overseas subsidiary Neo Dynasty in cash, according to the announcement.
A&K's original owners include U.S.-based hedge fund manager Fortress Investment Group.
Founded more than 50 years ago, A&K has become a major player in luxury tourism, providing high-end expeditions in more than 100 countries.
Zhonghong develops and operates leisure and vacation real estate, primarily in Beijing and Hainan Province.