Hui Xian REIT Nets $155M Majority Stake In Shenyang Hotel

Law360, New York (November 10, 2011, 2:02 PM EST) -- Hui Xian Real Estate Investment Trust has agreed to buy a 70 percent interest in the Sheraton Shenyang Lido Hotel in China's Liaoning province for 980 million yuan ($154.6 million), the first acquisition since its initial public offering in April, the firm said Thursday.

Cheung Kong Holdings Ltd., which previously owned 99 percent of the property, will retain a 29 percent interest, while an unnamed Chinese party will keep its 1 percent stake.

Hui Xian, Hong Kong's first yuan-denominated REIT, said it chose the popular Sheraton...
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