Hong Kong-listed investment company Shun Cheong Holdings Ltd<650> announced that its wholly-controlled subsidiary Open Land Holding Ltd had acquired 100% stake in Guangxi Wharton International Hotel.
The Hong Kong-based building-related maintenance services provider said its subsidiary had invested RMB 87.81 million in the acquisition program.
Guangxi Wharton is the owner and operator of the Guangxi International Wharton Hotel.
The five-star hotel, which has a total of 338 guest rooms including both deluxe suites and standard rooms, is located at No.88, East Minzu Avenue, Nanning, Guangxi Zhuang Autonomous Region, with total gross floor area (GFA) of 46,000 square meters.
Shares of Shun Cheong tumbled 18.75% to close at HK$0.32 yesterday. |
