Kingdom Hotel Investments (KHI) Chaired by HRH Acquires a US$58 Million Hotel in China
HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) was on a visit to the People`s Republic of China arriving at Hong Kong, Special Administrative Region of the People`s Republic of China. Prince Alwaleed was accompanied by a KHC delegation and Kingdom Hotel Investments (KHI).
During the Hong Kong trip the Prince and the delegation visited the Four Seasons Hotel in Hong Kong, the headquarters of Citibank for a briefing, and Disneyland Hong Kong where Prince Alwaleed and delegation took a tour of Disney`s two Hotels.
Prince Alwaleed and the accompanying delegation next destination was to Shanghai, visiting Citigroup`s headquarters for a briefing and discussed potential investments in China, and visited several hotels including the Four Seasons Shanghai, and sites of both the Four Seasons Hotel Shanghai at Pudong and the Swiss�tel Grand Shanghai Hotel which are under development.
The trip was continued with a visit to Kunshan. Kingdom Hotel Investments (“KHI”), the leading international hotel and resort investment company chaired by HRH Prince Alwaleed Bin Talal announced yesterday their acquisition of a 100% stake in the 387 room Hotel in Kunshan, China. KHI has agreed to purchase the property for approximately US$58 million.
HRH and delegation continued their trip on to Beijing, where the Prince was received by the Saudi Ambassador in China H.E. Mr. Saleh Al Hegelan. Prince Alwaleed met with the Chinese Minister of Commerce H.E. Mr. Bo Xilai where the two discussed investment opportunities in China and other economic issues. Minister Xilai also thanked the Prince for his interest in China and considered him a close ally and friend of China . Kingdom Holding Company, chaired by Prince Alwaleed, has presence in China through Citibank with assets of $8 billion and 4000 employees Citibank has also invested $3 billion in Guondong Bank for a 20% stake and Citibank has the management Contract too. The bank has $40 billion of assets, 10,000 employees and 500 branches in 28 cities. Citibank has also invested in Pudong Bank 3.76% which has $80 billion in assets, 13,000 employees in 370 branches in 23 cities. The presence of Citi through Guandong and Pudong is in 20 out of 29 provinces.
Prince Alwaleed and the delegation visited The Raffles Beijing Hotel and the Swissotel Beijing as well as toured the site of the Four Seasons Beijing which is under development. Prince Alwaleed and the delegation also visited some of the Historical sites such as the Great Wall of China and the Tiananmen Square.
Prince Alwaleed had met with the Chinese President last year at the Royal Guest Palace in Riyadh during his official visit to Saudi Arabia. Present in that meeting was the Minister of Commerce Mr. Xilai when the two touched upon His Highness`s investments in China through interests in Four Seasons hotels and Citigroup. The Prince had said; “We have significant investments in China and will continue to invest where there is growth.”
Recently, HRH Prince Alwaleed Bin Talal and a group of Saudi investors subscribed for $2 Billion in the Bank of China IPO through Al-Azizia Investment Company. The amount allocated to the group was $300 million.