Huazhu group limited announces formation of joint venture with sunac china holdings limited and strategic partner

Shanghai, china, march 22, 2021 (globe newswire) -- huazhu group limited (nasdaq: htht and hkex: 1179) (“huazhu”, “we” or “our”), a world-leading hotel group, announced that huazhu hospitality (hong kong) limited (a wholly-owned subsidiary of huazhu), chengdu lingchuang yipin hotel management company limited (成都领创逸品酒店管理有限公司) (a wholly-owned subsidiary of sunac china holdings limited (hkex: 1918)) (“sunac”, together with its subsidiaries the “sunac group”) and chengdu global times exhibition and travel development company limited (成都环球时代会展旅游发展有限公司) (the “strategic partner”) had formed a joint venture company, named as yongle huazhu hotel & resort group (永乐华住酒店管理有限公司) in the people's republic of china (“china”) with a total registered capital of rmb 50 million. each of huazhu hospitality (hong kong) limited, sunac, and the strategic partner holds 50%, 40%, and 10% of the equity interests in the jv, respectively. the jv is a non-wholly owned subsidiary of huazhu.
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