Chinese groups are eyeing more Australian hotel purchases after Hong Kong-based Fu Wah International Group bought Melbourne's Park Hyatt hotel for more than $130 million, The Australian reports.
According to the newspaper, CBRE Hotels and CBRE China brokered the off-market deal.
Singapore's largest sovereign wealth fund, the Government Investment Corporation, sold the hotel and an adjoining carpark, after buying the property for $125.7 million in 20013, the newspaper reports.
Fu Wah, controlled by one of China's richest women and self-made billionaire, Chan Laiwa, is looking to diversify beyond its purchase into other Australian destinations, The Australian reports.
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Chinese groups look to diversify following purchase of Melbourne hotel.
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