Emperor Entertainment unit to acquire 25-storey building in Hong Kong
The group aims to expand its property portfolio.
Macau.- An offshore subsidiary of Emperor Entertainment Hotel is to purchase a 25-storey building in Hong Kong’s Central district for HK$655.2m (US$83.9m). The company said the acquisition is intended to expand its assets portfolio in its core business areas.
The building comprises 69 units and covers a gross floor area of 29,685 square feet (2,758 square metres). The buyer, Poly Keen International, is incorporated in the British Virgin Islands (BVI) and serves as an investment holding entity and indirect non-wholly-owned subsidiary of Emperor Entertainment Hotel.
The seller, Emperor Property Development, is a BVI-registered investment holding company and a wholly-owned subsidiary of Emperor International Holdings, which holds a 71.63 per cent stake in Emperor Entertainment Hotel.
Recently, Emperor Entertainment Hotel announced that it expects to record a net profit of at least HK$50m (US$6.4m) for the year ended March 31. The publication of the results will be in late June.
Emperor Entertainment Hotel manages a portfolio of three hotels and a serviced apartment collection in Hong Kong and Macau: The Emperor Hotel, The Unit Serviced Apartment, Grand Emperor Hotel, and Inn Hotel Macau. An indirect wholly-owned subsidiary of Emperor Entertainment has a three-year contract with SJM.
