Fota Island Resort in Cork has been formally taken over by the Chinese hotel group that acquired it last month.

Kang Family Worldwide Group bought the resort from NAMA for an undisclosed sum, though the sale is believed to have met its guide price of €20 million.

The group, based in China’s Hebei province, already operates two five-star hotels in Shanghai and Beijing.

In a statement the company said the 500-acre resort would continue to trade as normal with all current and future commitments being honoured.

Mr Xui Kang, spokesperson for the Kang Family Worldwide Group, said the company “has had the good fortune to buy this wonderful resort and we are looking forward to developing the great work that has been done here to date and maximising Fota Island Resort's potential in the future."