Why angel fire resorts are making money in China
A former hotel in southern China has been acquired by a company called Angel Fire Resort, the BBC has learnt.
Angel Fire is owned by a group of Chinese businessmen including a former chief executive of China’s state-owned oil giant, PetroChina.
Angel Fire is a resort resort in the Guangxi Zhuang Autonomous Region in southern Hubei Province.
It has been used by Chinese guests since 2010.
AngelFire is one of two AngelFire resorts being built in the region.
AngelFire is owned and operated by the Shenzhen Group, which is a subsidiary of the Shenhua Group, a state-run conglomerate.
It is one the largest privately owned hotels in the world, according to the hotel chain’s website.
The company did not immediately respond to an emailed request for comment.
Sources told the BBC that the Chinese company had been interested in the properties for some time.
“There’s been interest from Chinese and foreign investors in these properties for a long time,” one source said.
“It’s just that they haven’t made any big money.”
The Shenhua group owns hotels in Dubai, Dubai, Singapore and Hong Kong, according the website of its Hong Kong office.
The group’s website says that it owns five hotels in Shanghai, including the Angel Fire.
“We are excited about our first international property in Guangxi, the world’s largest Guangxi city and a major tourism destination for China and the world,” the website said.
Chinese investors have invested billions of dollars in the hotel industry in recent years.
In July, China’s foreign exchange regulator said it was investigating whether foreign investors had profited from the purchase of hotel properties in the country.
The Shenzhen group owns several hotels in China and Singapore.
According to Reuters, Angel Fire was a joint venture between a group called the Shenzen Group, the Guangdong Tourism Co., and the Shenyang Industrial Group.
One of the three investors is Li Jianlin, a Chinese businessman who owns an investment company called Global Investment Group, according to Forbes.
Mr Li, a businessman known for buying luxury properties in Europe, has also had ties to the Shenzhen Group.
Mr Li’s son, Li Zhizhi, is an investment partner in the Shenzhou Group, Forbes reported.
“The Shenzeng Group’s global investment portfolio is highly concentrated in hotels, resorts and other real estate assets in China,” the Forbes report said.