Shanghai Jin Jiang International Hotels Development Co Ltd, a leading hotel operator in China, on Monday said that it has secured conditional approval from the China Securities Regulatory Commission for its asset restructuring plan, sources reported.

The Shanghai-based hotel operator plans to acquire the Jin Jiang Inn budget hotel assets owned by its parent group via an asset swap. It will also transfer a 1% stake in Jin Jiang Min Hang Hotel to its parent as part of the deal.

Currently, Shanghai Jin Jiang is mainly engaged in star-rated hotel operation and management, budget hotel operation and franchising as well as restaurant operation. It operates or has under development over 490 hotels including landmark hotels, luxury hotels, commercial hotels and Jin Jiang Inn budget hotels.