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Magnate Richard Caring Sells Wentworth To Chinese Conglomerate Reignwood For $219M

Restaurant and club owner Richard Caring has sold Wentworth Golf Club to Chinese conglomerate Reignwood for £135M ($219M) -- only £5M ($8.1M) "more than the amount he paid for the prestigious Surrey venue nine years ago," according to Roger Blitz of the FINANCIAL TIMES. Caring had previously admitted that his purchase of Wentworth in '05 was "reckless," as he ended up paying 50% "more than its real value in an auction." He then spent £6.5M redesigning the "centrepiece west course, which is the venue for the annual BMW PGA Championship." Wentworth's new owner, Reignwood, is based in Beijing and chaired by Dr. Chanchai Ruayrungruang, who founded the group in Thailand in '84 (FT, 9/12). In London, Zoe Wood reported Reignwood has promised to "preserve the famous Surrey course's 'unique culture' as it becomes the latest British prize to be added to Beijing's expanding trophy cabinet." Ruayrungruang said, "Wentworth is a key strategic acquisition for our rapidly growing luxury lifestyle division." He said that Reignwood would draw on the club's "exceptional expertise" to "inform its other golf operations across Asia and preserve its unique culture." Caring added that he had been "inundated with offers to buy the club during the nine years it had been in his possession but had held out" for the right one. Caring: "I have always looked for an owner with integrity... an understanding of the special place it holds in so many people's hearts; an owner who wants to develop the Club ever further, improving on what is already a masterpiece" (GUARDIAN, 9/12).

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