A Chinese property tycoon has bought Australia’s second-largest cinema chain in a deal that underlines mainland interest in expanding into entertainment overseas.
Hoyts Group said yesterday that it has been acquired by ID Leisure, a British Virgin Islands-based investment fund founded by Sun Xishuang, a Chinese entrepreneur.
Hoyts was sold for an undisclosed sum by Australia’s largest private equity group, Private Equity Partners, which declined to comment on the sale or the price tag.
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