JD to create a new research and commercial centre after purchasing Beijing hotel in a $400mn deal

By Laura Mullan

China’s second largest e-commerce company, JD, has closed a deal to buy the Jade Palace Hotel in Beijing, China, for US$400mn.

JD hopes to transform the five-star property into a new innovation and recruitment centre.

Under the deal, JD.com has acquired 100% ownership of the hotel, which is located near Beijing's Zhongguancun technology hub as well as some of the capital's leading universities.

SEE ALSO:

 

A JD spokesman said that “the purchase of the hotel will serve JD.com’s long-term development”.

“The hotel will be transformed into a space mainly for technology innovation and commercial business," the firm added.

The investment comes shortly after JD restructured its e-commerce business and created a new chief executive’s office.

Through the restructuring, JD Mall will be divided into three core segments: a unit responsible for understanding customer behaviour and market changes analysis, a unit which will provide customer services and another unit to handle infrastructure building, according to reports by the South China Morning Post.

Recently, JD.com has also announced a share buyback programme whereby it plans to repurchase up to $1bn of its shares over the next year.

Share

Featured Articles

How India is bucking the global dealmaking downturn

M&A deal volume and value reach record highs in India in 2022, despite slower dealmaking globally – as scope activity and acquisitions in renewables surge

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

Leadership & Strategy

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress

Technology