South Korea’s MBK Partners has completed the acquisition of the former Huayi Brothers Movie World in Suzhou, expanding its footprint in China’s cultural tourism sector. The private equity firm previously made high-profile moves in China. In 2021, MBK privatized Car Inc and acquired four Haichang Ocean Parks. Foreign investment in Chinese tourism assets has grown as valuations decline. In early 2024, Singapore’s Royal Golden Eagle Group bought the Wanda Reign on the Bund Hotel in Shanghai, rebranding it as the St. Regis Shanghai on the Bund. Later, U.S. firm Tishman Speyer purchased the Holiday Inn Express in Wujiaochang for 360 million RMB ($51 million), planning to convert it into serviced apartments.