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Banyan Tree Holdings plans to buy shares in several companies held by Vanke for 480 million yuan

Moomoo 24/7 ·  Dec 9, 2023 03:12

On the evening of December 8, Banyan Tree Holdings announced on the Singapore Stock Exchange that its two subsidiaries, Banyan Tree Services and Banyan Tree China (collectively known as Banyan Tree side), signed relevant terms with Vanke's two subsidiaries, Tritonia Company and China Voyage (collectively known as Vanke), and China Voyage (collectively, Vanke), to buy shares of China's Vanke (Vanke) subsidiaries in various Chinese companies for 480 million yuan. Banyan Tree Holdings said that the acquisition of Vanke's shares strengthened the company's investment in the Chinese market to seize local growth opportunities and strengthen the Group's position as a major player in the hotel industry. The move will enable the company to streamline strategic decisions based on market dynamics and improve the operational efficiency of day-to-day operations. The divestment of hotel ownership is in line with the company's asset-light strategy.

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