Chinese billionaire ups stake in CHS for $31.9M

Chinese billionaire Tianqiao Chen has a more than 12.9 percent stake in Community Health Systems after recently buying nearly 3.5 million more shares of the Franklin, Tenn.-based for-profit hospital operator, according to a recent Securities and Exchange Commission filing.

Mr. Chen and his group of companies paid just over $9 on average per share, bringing the total price of the transaction to $31.94 million.

A pioneer in China's online gaming industry, Mr. Chen's net worth is estimated by Forbes to be at more than $1 billion.

Mr. Chen, who began buying CHS at the end of the second quarter, upped his stake in the company as it is exploring options with financial sponsors. Private equity firm Apollo Global Management is reportedly in discussions to acquire CHS' assets. Some real estate investment trusts are also interested in the company's assets, people familiar with the matter told Reuters.

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