Online gaming billionaire Chen Tianqiao acquires Shanghai hotel for US$32.6 million

The deal and the buyer

Online gaming billionaire Chen Tianqiao, the 53-year-old founder of Shanda Group, has acquired full ownership of the Mia Hotel in downtown Shanghai through Shanda, the investment firm he originally built as an online games company. The transaction, completed on March 18, was carried out by purchasing the stake held by a subsidiary of Singapore-based GLP, according to Chinese corporate database Qichacha, as reported on August 15, 2026.

Price and discount to market

The purchase price was approximately 220 million yuan, equivalent to about US$32.6 million, which reporting on August 15, 2026 described as below market value. Yan Yuejin, vice-president of Shanghai-based property consultancy E-house China Research and Development Institute, said the building was priced significantly below nearby second-hand homes, giving it pricing advantages in a prime core area that should support future leasing and resale outcomes.

The property and its location

The Mia Hotel sits in Shanghai's central Huangpu district, a position that property analysts cited on August 15, 2026 as underpinning the asset's upside potential. E-house China's Yan added that the hotel faces headwinds, including competition from similar properties in the surrounding area and relatively weak consumer confidence, even as broader demand for prime real estate in major Chinese cities has picked up in recent months.

Investor bet on a property turnaround

The acquisition marks Chen's latest move into Chinese real estate as prices have fallen sharply since 2020. Chen has remained largely out of the public eye in China for years while maintaining a global investment portfolio. Reporting on August 15, 2026 framed the purchase as part of a wider pattern of investors hunting for bargains in anticipation of a market recovery, with some sellers seeking urgent capital recycling in a market that analysts said remains favourable to buyers.