The People's Liberation Army yesterday formally transferred to China Everbright Group its controlling share in one of Beijing's best-known hotels, the Palace.
In one of the most visible signs of the military's withdrawal from business, officers of the PLA's general staff handed over its 60 per cent stake to Everbright officials at a ceremony at the 530-room five-star hotel.
Hotel officials were unable to say if the PLA received anything in exchange for its stake, worth tens of millions of dollars.
'There was no talk of any financial arrangement, but we do not know,' one official said.
Sources close to China Everbright said no money had changed hands.
The other shareholders in the hotel remain the same: Hong Kong Construction Holdings and the Hong Kong and Shanghai Hotels, each of which holds 20 per cent.
