Chinese e-commerce giant JD.com 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.
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