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Tei-fu Chen’s family controlled Sunrider International has sold one of Taipei’s largest hotels for $907 million, the English-language Taipei Times reported Saturday.
The Sunworld Dynasty Hotel was sold to Fubon Life Insurance, which has leased the property back to Sunrider, the newspaper said.
Sunrider, headquartered in Torrance, California, sells herbal products in 48 countries around the world (see introduction here).
Chen, a Taiwan native, ranked No. 19 on the 2019 Forbes Taiwan Rich List with an estimated fortune worth $1.95 billion.
The COVID-19 pandemic is wreaking havoc on hotels and transportation businesses globally. Taiwan has had one of the fewest cases of any major economy, yet its hotels are facing layoffs and financial pressure due to travel restrictions.
Fosun Tourism, one of the mainland’s largest hotel businesses, said on Friday it expects to lose more than $120 million in the first half. (See post here.)
See related post here:
Beijing Capital International Airport Expects First-Half Loss
Pandemic Will Spur Hotel Industry Consolidation
@rflannerychina