Chen Tianqiao acquires Shanghai hotel for $32.6 million

Chen Tianqiao, the founder of Shanda Group and a prominent figure in China’s online gaming industry, has acquired the Mia Hotel in downtown Shanghai for approximately 220 million yuan (US$32.6 million). The 11-story boutique hotel is located in the Huangpu district, specifically within the historic Hengfu area.

The property was purchased from the Singapore-based investment firm GLP. The final acquisition price represents a discount of nearly 30% from the initial asking price of approximately 312 million yuan. Shanda Group reportedly obtained full ownership of the hotel in March.

Analysts view the transaction as a strategic move to capitalize on the downturn in the Chinese property market. Since 2020, the sector has faced significant pressure due to falling prices and developer struggles, leading investors to seek high-quality, prime real estate assets in major cities like Shanghai and Beijing at discounted rates.