Hony Capital to Purchase 20% Stake in Tokai Kando

(Beijing) -- Hony Capital (Beijing) Co., Ltd. is set to purchase a 20 percent stake in Japan's Tokai Kando Co. Ltd for 1.4 billion Japanese yen.

According to Tokai Kando's announcement on July 20, the company has signed an agreement with Hony to sell the latter 20 percent of its shares. The proceeds will be used to expand its hospitality business and other capital investments.