China's CEFC acquires Prague's Le Palais Art Hotel

In recent months, Shanghai-based company CEFC Investment (Europe) Company has made what the Prague Post calls "big investments" in the Czech Republic. Most recently, the company signed a framework sales contract to take over Le Palais Art Hotel Prague, a five-star property in the city center. 

In a statement, CEFC said that the acquisition of the hotel is part of its expansion in the area of tourism. CEFC has already bought into the Czech airline Travel Service, company president Chan Chauto said, with a nearly 50 percent stake in the Republic's largest airline Travel Service. "We are also interested to participate in the opening of direct air connection Prague - Shanghai and implement other projects in the tourism and hotel industry in Prague, Karlovy Vary and neighboring countries," he added.

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CEFC has purchased several historic buildings in the Czech Republic in recent months, including a unique Art Nouveau building of the former Živnobanka in the center of Prague.