Carlyle eyes stake in New Century
20 November 2007
Carlyle Group is currently in talks with Chinese hotel chain New Century Tourism Group over a minority stake, the Wall Street Journal reported. The proposed deal, valued at around US$40-50 million, was confirmed by a spokesman for the Hangzhou-based hotel company. Century is a privately-run company that focuses on high-end hotels and other real estate projects. The hotel industry in China is currently booming due to the growth of the country's middle class, resulting in high demands for travel services. Investment in privately owned companies is currently preferred by foreign investors due to the relative lack of regulatory obstacles.
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