{
  "id": 971703,
  "title": "Reclusive Chinese billionaire strikes US$33m deal to take over Shanghai hotel",
  "url": "https://urgent.news/2026/08/15/reclusive-chinese-billionaire-strikes-us-33m-deal-to-take-over",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-15T06:00:10.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/article/3364076/reclusive-chinese-billionaire-strikes-us33m-deal-take-over-shanghai-hotel"
  },
  "original_language": "en",
  "account": "China's first online gaming billionaire, Chen Tianqiao, has purchased the Mia Hotel in central Shanghai for approximately US$32.6 million, becoming another investor to take notice of the country's struggling property market. The 53-year-old entrepreneur, who prefers to stay out of the public eye, acquired the hotel from Singapore-based investment firm GLP at a discounted price. Chen, who gained his fortune through an exclusive Chinese license for the popular video game The Legend of Mir 2 in 2001, appears to be looking to capitalize on the prolonged decline in China's property market since 2020.\n\nShanda Group, Chen's investment company founded as an online gaming firm, assumed full ownership of the hotel on March 18, purchasing the stake owned by a subsidiary of GLP. Analysts believe the deal for the 11-floor hotel in the city's Huangpu district carries potential upside, as demand for prime real estate assets in major Chinese cities has increased in recent months due to anticipation of a market recovery. Property consultant E-house China Research and Development Institute, vice-president Yan Yuejin, stated that the hotel's below-market price and location in a prime area make it a \"sound investment\".\n\nDespite the hotel's promising outlook, it faces challenges, such as competition from similar properties in the surrounding area and relatively weak consumer confidence. Chen, a Chinese national living in California, became China's youngest billionaire at age 31 when Shanda listed on the Nasdaq in 2004. His wealth grew from securing an exclusive Chinese operating license for the game The Legend of Mir 2 in 2001, which turned profitable within a month of launching.",
  "summary": "China’s first online gaming billionaire has acquired the Mia Hotel in downtown Shanghai in a deal worth about 220 million yuan (US$32.6 million), becoming one of the latest investors to bet on a turnaround in the country’s long-suffering property market. Chen Tianqiao – a reclusive entrepreneur known for his global investment portfolio – bought the hotel from Singapore-headquartered investment…",
  "key_points": [
    "Chen Tianqiao, China's first online gaming billionaire, bought Mia Hotel in Shanghai for US$32.6m.",
    "Shanda Group, Chen's investment company, took full ownership of the hotel on March 18.",
    "Analysts see potential upside in the hotel's below-market price and prime location."
  ],
  "editors_take": "Chen Tianqiao's purchase of the Mia Hotel signals he is betting on a turnaround in China's property market, with analysts seeing potential upside in the hotel's prime location and below-market price.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}