The Legendale Hotel on Jinbao Street is put up for sale and will be converted to high-end health and wellness care services.

According to market sources, 1.5 kilometers away from the Forbidden City, Beijing Lijun Hotel, one of the famous internet-famous hotels in Jinyu Hutong, has completed the transfer. It is about to be transformed into a high-end elderly care community.

On the Ctrip platform, Lijun Hotel is no longer available for reservation. Gaode Map shows that Lijun Hotel is under renovation.

Lijun Hotel was looking for buyers as early as last year, with an asking price of 3.7 billion yuan, which was not accepted by the intended buyers. Later, the hotel's listing price was reduced to 3.3 billion yuan, and the price remained deadlocked for a long time. According to information obtained by the author, the final transferee is Ping An Life Insurance, and the transaction price has not been publicly disclosed yet.

Source: Internet

Lijun Hotel is known as "Little Paris of Beijing". Its design adopts the decorative style of Southern European royal palaces, and it is a landmark building in the Wangfujing business district, where many people specially come to check in at its French-style luxury lobby. It is said that there are many antiques in the hotel lobby, including a French antique fireplace dating back to 1880, of which only three pieces are preserved in the world.

Opened in 2008, Lijun Hotel was one of the VIP reception hotels for the Beijing Olympic Games at that time, and many important figures once stayed here.

Lijun Hotel is also well known to many people because one of its shareholders is Chen Lihua, "the former richest woman in China". Chen Lihua's core assets are mostly concentrated in the core area of Dongcheng District, Beijing, especially the assets on Jinbao Street are the most concentrated and famous. Real estate properties including Beijing Regent Hotel, Lijun Hotel, The Park Plaza Beijing Wangfujing, Xinhai Jinjiang Hotel, Huali Building, Jinbao Mansion, and Fuhua Jinbao Center are all controlled or participated by companies under Chen Lihua.

However, the major shareholder of Lijun Hotel is New Lijun Development Co., Ltd., which holds 90% of the shares. Behind New Lijun is Macau Lijun, whose actual controller is Zhou Jinhui. Zhou Jinhui is known as the grandmaster of junket operators in Macau, the top associate of gambling king Stanley Ho, and the apprentice of legendary gambling king Yip Hon.

Before November, Lijun Hotel was still operating normally, and its revenue in 2025 even hit a record high since its opening. However, Macau Lijun, the major shareholder of the hotel, has gradually lost its core profit source in Macau, its core business location since last year. The policy for satellite casinos expired and was not renewed, the assets of Fisherman's Wharf were impaired by about 1.132 billion Hong Kong dollars, the group's revenue shrank sharply, the stable cash flow source was lost, so Lijun Hotel, a non-core asset, was put on the market.

Source: Tianyancha

Up to now, equity change registration has not taken place for the main entity of Lijun Hotel, "Beijing Huahai Jinbao Real Estate Development Co., Ltd. Lijun Hotel". However, according to market news and public confirmation from multiple sources, the takeover by Ping An Life is basically a done deal. Earlier, the company's business scope was specially applied to add a new item of "elderly care service".

In fact, as early as June this year, an official reply to opinions from Dongcheng District had disclosed the information of this transaction: "We are promoting the normalization of implementation of the suggestions on summarizing successful cases and encouraging social forces and private economy to participate in urban renewal. First, systematically refine and promote the experience of benchmark projects... Second, broaden the channels for social capital to participate... introduce Ping An Life Insurance Company of China, Ltd. to implement the Lijun Hotel project and build high-end health care service facilities."

Source: Official website of Dongcheng District Housing and Urban-Rural Development Commission

Shortly after this reply was issued, Ping An Life held an event at Beijing Lijun Hotel, the main content of which was to promote the "Good Insurance · Add Peace" insurance + service solution. "Tian Ping An" is a comprehensive "insurance + service" product, and one of its core customer groups is people with elderly care needs.

The new elderly care community project after the transformation of Lijun Hotel will be an important landing service platform for Ping An Life's "Tian Ping An" product in Beijing.

Lijun Hotel perfectly matches Ping An Life's expansion demand in the elderly care business. The hotel is located in the core area of Dongcheng District, and diagonally opposite is Peking Union Medical College Hospital, the top medical institution in China. The hotel's existing supporting facilities such as guest rooms, fire protection, catering, and elevators are naturally suitable for transformation into an elderly care community.

Source: Gaode Map

In the direction of elderly care business, Ping An Life leads three major service lines: home-based elderly care, Zhenyinian high-end health care community, medical health, with the core model of insurance + service, using insurance policies to lock in health care rights and interests, and the long-term insurance capital undertakes the heavy-asset health care projects. It belongs to the same track as Taikang Community, but Ping An focuses on core urban health care (stock transformation in the city center), which is highly matched with the Lijun Hotel project.

Ping An's core urban health care service model is to lock in the admission qualification by purchasing insurance policies, pay the service fee monthly after admission, and support multi-city sojourn and interchanging residence between different Yinian Cities. It has two product lines under its banner: Yinian City (flagship in first-tier cities, more high-end) and Yixiang City. According to Ping An's public disclosure, by the middle of 2026, there are 6 completed and under-construction projects (Shanghai Yinian City · Jing'an No.8, Shenzhen Yinian City · Futian have been opened, projects in Shekou Shenzhen, Guangzhou, Hangzhou and Foshan are under promotion), with a total of more than 700 opened rooms.

Market rumors say that the policy threshold for the most high-end product of Ping An Life's Yinian City in first-tier cities is a total premium of 18.88 million yuan.

Up to now, there has been no company focusing on elderly care services listed in China, and the mainstream models in the market are "finance + health care" and "health care + real estate", extending from the industrial chain to elderly care services.

This article is from the WeChat official account "Future Habitat", written by Xiaowu Jiandawu, authorized for release by 36Kr.