The US-based private equity firm Carlyle will invest 100 mln usd in New Century Tourism Group, China's largest private hospitality firm, the China Business News reported, citing New Century's chairman Chen Miaolin.
The Hangzhou-based hotel owner has received 340 mln yuan in first-phase investment from Carlyle, and the remaining funds will be allocated at the beginning of next year, Chen said.
Chen said the company plans to list in Hong Kong in 2008 or 2009 and boost the number of its hotels to about 35 by 2010 from more than 20 now.
New Century has total assets of more than 6 bln yuan, according to the paperCopyright Thomson Financial News Limited 2007
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