Highsun Group has spent RMB283 million acquiring Guangzhou President Hotel, which is located in Tianhe District, the largest home appliance distribution center in Guangzhou.

Analysts quoted in local media say that Highsun Group is eyeing a leading position in the local home appliance sales market by purchasing Guangzhou President Hotel.

Highsun plans to renovate the bottom five floors of the Guangzhou President Hotel into a shopping center, and those above the fifth floor will be refitted into a business hotel.