Lvshun Group Wins Ningbo Donggang Sheraton Hotel for 361 Million Yuan

On July 24, the Ningbo Donggang Sheraton Hotel was sold at a second auction on Alibaba Assets platform, with Lvshun Group winning at the base price of 361 million yuan. The hotel, built in 2005, was Ningbo's first international five-star hotel, with an appraised value of over 645 million yuan. The first auction started at 452 million yuan but failed. Lvshun Group is the controlling shareholder of time-honored brand Loumaoji.