They will acquire hotel assets across the globe.
Greenland Group, China's biggest state-owned developer, has inked first agreement in Singapore today with Amare Investment Management Group, a Singapore-based investment company which has regional investment activities in hotels, theme parks, retail, residential and lifestyle real estate developments.
Under the $4.5 billion deal, the two groups will acquire global hotel assets and operations.
The deal will also see Amarel acquire Greenland’s existing hotel assets both in China and overseas. Amare will also set up a JV with Greenland to manage these hotels which have contracted major international hotel operators including InterContinental Hotels Group, Starwood, JW Marriott, and the Melia Group.
“This deal, which took two years of in-depth negotiation, is a big win for both Amare and Singapore. Securing this strategic collaboration is testimony of our reputation and track record in asset management and it also underscores the confidence that the Greenland Group has in Singapore and the region,” said David Su, Group Chairman of Singapore-based Glory Fund Management Group and the Amare Investment Management Group.
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