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2004-5-5 02:49:00 p.m. HKT, XFNA
Hong Kong-listed Magnificent Estates acquires HK properties worth 350 mln hkd
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HONG KONG (AFX-ASIA) - Magnificent Estates Ltd (201.HK) said it acquired
some Hong Kong properties worth 350 mln hkd as part of its plan to set up a
hotel in Central, Hong Kong.
In a statement, the real estate company said it bought from Super Delight
Enterprises Ltd a piece of land and the buildings known as 304-314 Des Voeux
Road West and 12 Lai On Lane.
It said one of the buildings, with a total area of 155,023 square feet,
will be converted into a 289 room hotel. The building, opened in 1996, was
originally intended for commercial use.
Magnificent believes it could profit from Hong Kong's booming tourism
industry once the building is renovated. It expects that more tourists from
China will seek accommodation in this part of Hong Kong.
""The group intends that upon the completion of the acquisition, the
property will be renovated and operated as a hotel which is in line with the
group's business to accommodate the influx of tourists,"" Magnificent's
chairman William Cheng Kai Man said.
Magnificent is engaged in property investment and trading and runs the
Ramada Hotel Kowloon in Hong Kong and the Magnificent International Hotel in
Shanghai through its wholly-owned subsidiary, Magnificent Estates.
Its parent, Shun Ho Resources Holdings Ltd (253.HK) has indirect
investments in the property through Shun Ho Technology Group (219.HK), it
said.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/rc
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