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Hong Kong firm buys luxury Paris hotel

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Hong Kong firm buys luxury Paris hotel

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A Hong Kong steel investment firm has agreed to pay over 345 million euros for the five-star Paris Marriott Hotel Champs-Elysees.

Kai Yuan Holdings is looking to tap into the growing high end Chinese tourist market.

Shares in the company jumped by 64 percent after the announcement.

France is the number one tourist destination in the world with official figures from the French government showing 83 million people visited in 2013 with a record 1.4 million of those coming from China.