Shouguang Chenming Guangyuan Real Property Company Limited agreed to acquire 90.05% stake in Shandong Yujing Grand Hotel Co., Ltd. from Shandong Chenming Paper Holdings Limited for approximately 360 million.

Shouguang Chenming Guangyuan Real Property Company Limited agreed to acquire 90.05% stake in Shandong Yujing Grand Hotel Co., Ltd. from Shandong Chenming Paper Holdings Limited (SZSE:000488) for approximately CNY 360 million on March 22, 2024. As of December 31, 2023, Shandong Yujing Grand Hotel Co., Ltd reported net loss of CNY 26 million, net assets of CNY -40 million, and total assets of CNY 200 million.