Far East Consortium International Ltd, a Hong Kong-based real estate developer, said it will buy land for a hotel in Chengdu in south-western China’s Sichuan province for 279 million yuan (S$54.7 million).
The company will buy the 5,739 sq m site from a branch of the Industrial & Commercial Bank of China, it said in a statement to the Hong Kong Stock exchange yesterday.
Far East said it plans to build a hotel and retail complex on the site.
Far East, controlled by the family of chairman Deacon Chiu, owns and operates seven hotels in Hong Kong and two in Malaysia.
This will be its first hotel in China, whose 768.6 billion yuan travel industry may expand 9.2 per cent annually in the next 10 years, according to the World Travel and Tourism Council.
Source: The Business Times, 26 April 2007
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