Billionaire set to buoy market

24 September 2013

Wang Jianlin, China's wealthiest man, is looking to buy hotel management companies in ten different cities including New York and London. The news gave a boost to shares in Marriot International and Starwood, which climbed 3.2% and 1.4% respectively.

In a recent interview with Bloomberg, Jianlin said he had been in talks with "several" companies over the past year.

"It's a slow process. Those companies we liked, they might not be willing to sell," he said. "Those willing to be bought, we might sometimes feel the brand isn't as good."

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