Chinese investor Winston Chung has agreed to buy the parent company of the Balboa Bay Club & Resort and the Newport Beach Country Club.
Chung's Seven-One Capital-Business Inc. will buy International Bay Clubs Inc. for an undisclosed sum and gain control of the elite Orange County clubs, both parties said Friday.
The Balboa Bay Club includes a 160-room public resort hotel, as well as a private club with a marina and 145 apartments on 15 acres along Newport Beach Harbor.
The Newport Beach Country Club is a private golf club near Fashion Island in Newport Beach.
Chung said he would carry out existing plans to build a new clubhouse and make other improvements at the properties. The current management team will continue to operate both entities, he said.