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2005-4-21 12:33:00 p.m. HKT, XFNA
Hong Kong's Associated Intl, Tian Teck to proceed with Hyatt redevelopment
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HONG KONG (XFN-ASIA) - Associated International Hotels Ltd and its parent
Tian Teck Land Ltd said they will proceed with redevelopment plans for Hyatt
Regency Hong Kong, while dismissing speculation that the companies are in
talks to sell the hotel.
Share prices of the companies rose recently speculation that the company
may sell the Hyatt Regency to a local developer.
A report in The Standard early this week said the companies received an
offer of 4 bln hkd to buy Hyatt.
But the companies said today that they have not received any formal offer
and that they are not in talks with any party for the sale of the hotel.
At 12.20 pm, Associated International was down 0.1 hkd or 1.45 pct at 6.
80, while Tian Teck lost 0.05 hkd or 1.85 pct to 2.65.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/rc
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