Haichang Ocean Park Holdings Ltd announced on Monday that private equity firm MBK Partners has agreed to acquire Haichang assets for 6.53 billion yuan ($1.01 billion), as the hospitality company takes steps to cut its debt.
MBK Partners will acquire four existing ocean theme parks from Haichang, namely, in Wuhan, Hubei province; Chengdu, Sichuan province; Tianjin; and Qingdao, Shandong province, as well as one still under construction in Zhengzhou, Henan province.
Hong Kong-listed Haichang is a Chinese developer and operator of theme parks and ancillary commercial properties. The company said it is witnessing high debt and increasing losses since the outbreak of the COVID-19 pandemic.
Seoul-based and North Asia-focused MBK Partners, founded in 2005, is one of the largest private equity funds in Asia with over $25.4 billion of capital under management.
