Chinese internet company JD has bought a Beijing hotel – but it is not planning a move into the accommodation sector.
JD says it will pay US$400 million to acquire the five-star Jade Palace near Beijing’s Zhongguancun technology hub and will convert into an innovation and recruitment centre. The hotel is also located near some of the Chinese capital’s highest-profile universities.
“The hotel will be transformed into a space mainly for technology innovation and commercial business,” the company said.
“The purchase of the hotel will serve JD.com’s long-term development.”