Banyan Tree to form JV with property developer China Vanke

Singapore

RESORT operator Banyan Tree Holdings is tying up with real estate developer China Vanke to form a joint venture, Banyan Tree China (BTC), which will develop and manage projects in hospitality, senior living and wellness.

Under the deal, the ownership of Banyan-Tree branded hotels and assets in China will also be consolidated in BTC. The initial paid-up capital of BTC is estimated at up to two billion yuan (S$414 million).

BTC will be initially controlled 50:50 by Banyan Tree and Vanke through the injection by Banyan Tree of all its China-owned assets into BTC at valuation, said Banyan Tree in a press release on Monday. The current book value of those assets - which include Banyan Tree Lijiang, Banyan Tree Ringh…