Evergrande, headed by Chinese billionaire Xu Jiayin, agreed to purchase Fairmount’s Le Chateau Montebello in West Quebec from Oxford Properties, and the hope is that Evergrande will continue investing in expansion projects.
"For us it is good to see a large investor like this. We see the transaction as very positive,” Natalie Beauchamp, director of sales, said in Le Journal de Montreal.
For Evergrande, this is the first investment for the global conglomerate in Canada and the hotel confirmed that the hotel’s 350 employees will keep their jobs.
The move highlights growing interest from Chinese and other foreign investors in purchasing Canadian commercial real estate.
As investors look for new ways to make an impact, moves like this could become more common as they look for different types of properties, whether it’s industrial, commercial or residential.
One of China’s largest investment firms will soon take over a major hotel and resort in Quebec after a deal was struck last week, continuing a recent wave of foreign investors buying commercial space.