Stock bourse turns down HK tycoon’s sale scenario
Written on June 26, 2006 by admin
June 26, 2006 | Shanghai Daily | THE Hong Kong Stock Exchange has rejected an application by property tycoon Cheng Yu-tung to sell some of his private hotel and property assets to International Entertainment Corp, the company said in a statement.
The stock exchange listing division said that the purchase of the assets by International Entertainment, an information technology company, will mean it is no longer "suitable for listing and has determined to reject the application," according to the statement.
International Entertainment, 51 percent-owned by Chow Tai Fook, a company owned by Cheng's family, planned to buy 40 percent of Arc of Triumph Development Co in Macau and 51 percent in the Grand Hyatt Hotel in Manila for a combined HK$1.2 billion (US$150 million).
Arc of Triumph's main asset is 7,128 square meters of land that will be developed into an upscale residential, hotel and entertainment complex. It will contain 230 apartments, 400 hotel rooms, a casino and a shopping area.
Cheng is Chairman of New World Development Ltd, Hong Kong's sixth-largest builder by market value.
Technorati Tags: Entertainment, macau
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