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Kai Yuan to Buy Paris Marriott Hotel for $468 Million

Kai Yuan Holdings Ltd., an investor in Chinese steelmakers and real estate, said it agreed to buy the Paris Marriott Hotel Champs-Elysees for 344.5 million euros ($468 million).

The company will borrow $280 million from shareholder Du Shuanghua, who owns a 5.54 percent stake, according to a Hong Kong stock exchange filing yesterday.