Jin Jiang Hotels secures RMB 4.92 billion loan for overseas acquisitions
Jin Jiang Hotels has been granted a loan of RMB 4.92 billion by the Export-Import Bank of China’s branch in Shanghai as the travel company is planning further acquisitions overseas.
Shanghai Jin Jiang International Hotels Development Co (Jin Jiang Hotels) has recently been provided with a loan of RMB 4.92 billion by the Shanghai branch of the Export-Import Bank of China, as the hotel company is planning further equity acquisitions overseas.
Jin Jiang Hotels is the largest public company in China’s hospitality and catering sector. A leader of China’s hospitality industry, the company operates 2,153 hotels in 313 Chinese cities and 54 international destinations as of June 30, 2015. The parent company of Jin Jiang Hotels, Jin Jiang International (Holdings) (Jin Jiang International), purchased a 50% stake of Interstate Hotels & Resorts (IHR) in 2010 and fully acquired Louvre Hotels Group in 2015, boosting its portfolio to 6,000 hotels and 640,000 rooms. It is currently the fifth largest hotel group in the world.
The Export-Import Bank of China, subordinated to the State Council, offers the loan to Jin Jiang International in line with its policy of assisting Chinese enterprises expand in the international market and enhance their competitiveness in the global arena. (Translation by Jerry)