Shun Tak Holdings Ltd. said its indirect wholly-owned subsidiary Host Wine had entered into an agreement with a Shanghai real estate development company regarding the acquisition of a hotel property in Shanghai for 700 million yuan (MOP900 million), the company told Hong Kong Stock Exchange last week. According to the filing by Shun Tak, the hotel property is located at Shanghai MixC, which is an integrated commercial development project being developed by the vendor. In addition, the property will be developed into an 8-storey hotel building, occupying a gross floor area of 29,000 square metres. Shanghai MixC is located in Minhang District in the southwest of Puxi, with a total gross floor area of around 530,000 square metres. The integrated complex that the hotel property will be located in will also contain a high-end shopping mall, 11 office buildings and headquarters, a Metro Museum and a sky garden, the group said in the filing. The vendor, with no official English name, is 50 per cent owned by Chinese property developer China Resources Land Limited and Shanghai Shengtong Metro Assets Management Company Limited. Meanwhile, the hotel property will be operated by another subsidiary of Shun Tak – hotel management company Artyzen Hospitality Group, to extend two hotel product offerings totaling 478 rooms. K.L.
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