South Korean private equity firm MBK Partners recently completed the full acquisition of the former Huayi Brothers Movie World in Suzhou.
This was not MBK’s first move in the Chinese market. The firm has built a reputation as a private equity player highly skilled at bottom-fishing.
In 2021, MBK completed the privatization of CAR Inc. at a significant premium.
What truly brought MBK into the spotlight in China’s cultural tourism sector, however, was its acquisition that same year of four theme parks under Haichang Ocean Park.
According to the share purchase agreement, MBK acquired 100% equity in the four marine theme parks, as well as a 66% stake in Haichang’s under-construction project in Zhengzhou—a rare case of foreign-led consolidation in China’s cultural tourism industry in recent years.
With the valuations of domestic cultural tourism assets declining, foreign investors have increasingly stepped in.
In early 2024, Singapore’s Royal Golden Eagle (RGE) Group acquired the Wanda Reign on the Bund Hotel in Shanghai, later rebranding it as the St. Regis Shanghai on the Bund.
A few months later, a fund managed by U.S. firm Tishman Speyer took over the Holiday Inn Express in Wujiaochang, Shanghai in a deal worth RMB 360 million (USD 51 million), handing operations to Frasers Hospitality to transform the property into serviced apartments.
In addition, the Venice on the Sea project, which drew much attention during the Evergrande crisis, also once attracted strong foreign investor interest.
