HNA, the acquisitive Chinese airline and logistics group, is paying €431.6m ($620m) for a 20 per cent stake in Spain’s NH Hoteles, in the latest foray by a Chinese investor into previously unfamiliar European markets.
Spain, struggling to recover from the economic recession that followed the global financial crisis, has been courting Asian and Middle Eastern investors and sovereign wealth funds to buy its government bonds and stakes in Spanish companies.
HNA paid €7 per share for new stock issued by NH Hoteles, a price one-third higher than at the close of the Madrid stock market on Monday. The shares at one point rose 20 per cent, but fell back by the close to trade up 11.5 per cent at €5.84.
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