China Real Estate's Yanqu Network Technology Company acquired Quanzhou R&F Properties Wanda Hotel for 331 million yuan
Quanzhou Yanqu Network Technology Co., Ltd. won the Quanzhou R&F Wanda Wenhua Hotel with a bid of 331 million yuan. The hotel has a construction area of 47,767 square meters and is planned for hotel use. R&F Properties sold the hotel due to debt pressure; it was once a benchmark for high-end hotels in Quanzhou. Yanqu Network Technology mainly engages in software and information technology services, and its subsidiary, Yanqu Games, focuses on the development of ancient costume management and nurturing products
According to a report from the Economic Information Agency on the 5th, a gaming company has acquired the R&F Wanda Mansion Hotel located in Quanzhou. According to information from the auction platform, Quanzhou Yanqu Network Technology Co., Ltd. won the bid for the commercial complex Building 2 (hotel) of Quanzhou Wanda Plaza on the south side of the middle section of Baozhou Road, Fengze District, Quanzhou, for a price of 331 million yuan on the 4th.
The property is the entire R&F Wanda Mansion Hotel, with a construction area of 47,767 square meters. The planned use of the building is for a hotel, while its actual use is for commercial, office, and guest rooms, spanning floors -2 to 22, with a total of 24 floors. Its reference market price is 473 million yuan.
It is reported that this hotel was once a benchmark for high-end hotels in Quanzhou, but has now become a disposal target under the debt pressure of R&F Properties. In 2017, R&F Properties acquired the hotel asset package from Wanda, becoming the world's largest luxury hotel owner, enjoying a period of glory. However, R&F's hotel business has been losing money for consecutive years, and later, the real estate business faced a crisis, causing the company to gradually sink into a quagmire, making it difficult to extricate itself. According to media statistics, since 2022, several hotels under R&F have sought to sell.
Public information shows that Quanzhou Yanqu Network Technology Co., Ltd. is a subsidiary of Xiamen Yanqu Network Technology Co., Ltd., which is primarily engaged in software and information technology services. According to the company's official website, Yanqu Games is an innovative enterprise focused on the research and development of ancient costume management and nurturing products. (jq)
