Emperor Entertainment Hotel has signed an agreement to purchase an apartment building in HK

Last weekend, Hotel Emperor Entertainment signed an agreement to acquire a property located in the center of Hong Kong through an offshore company.

The acquisition was announced last Friday on the Hong Kong Stock Exchange, with a proposed price of approximately HKD 655.2 million (MOP 674 million/USD 84 million).

The case files show that the seller is Emperor Property Development and the buyer is Poly Keen International. The former is a wholly owned subsidiary of Emperor International Holdings.

The latter company is not a subsidiary of Emperor Entertainment Hotel, the operator of the Grand Emperor Hotel in Macau and its associated casino.

The property concerned is a 25-storey apartment building located at 20-26 Old Bailey Street and 11 Chancery Lane, Central, Hong Kong.

It consists of 69 units and has a total gross floor area of ​​29,685 square feet.

According to Emperor International Holdings, the area adjacent to SOHO and Lan Kwai Fong is slated for redevelopment.

The investment, which is expected to be completed later this year, involves transforming the block into a 26-story luxury residential tower.

“The Management Board of Emperor E Hotel has concluded that the acquisition of the Property will enable the group to expand its portfolio of assets within its core business, thereby further expanding its revenue base and expanding its market presence,” the application stated.

Emperor International expects to use the net proceeds from the transaction of approximately HK$654.5 million for future business expansion as well as to strengthen its working capital.