ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Dec 10, 2018 20:57 JST
Source:
Emperor International Holdings Limited
Disposal of Inn Hotel Hong Kong by Emperor International at HK$1.1 Billion with Gain of Approximately HK$746 Million
HONG KONG, Dec 10, 2018 - (ACN Newswire) - Emperor International Holdings Limited ("Emperor International" or the "Group") (Stock code: 163) today entered into a provisional agreement regarding the disposal of Inn Hotel Hong Kong (the "Hotel"), one of its existing hotels, at a cash consideration of HK$1,100 million.
Located in Kowloon, the Hotel is a 30-storey hotel offering 199 guest rooms, with a gross floor area of approximately 48,600 sq.ft. As at 30 September 2018, its carrying value on the balance sheet of the Hotel amounted to approximately HK$421 million. From this disposal, the Group expects to record an unaudited gain of approximately HK$746 million and net proceeds of approximately HK$1,094 million, which will be used as general working capital and for future business development. Such disposal is expected to be completed on or before 10 June 2019.
Mr. Donald Cheung, Executive Director of Emperor International, said, "It is a good opportunity for the Group to realize the Hotel at a premium. The relevant net proceeds will enhance the financial position of the Group and strengthen the capital reserve for backing up investment opportunities in the future."
In addition to the disposal of the Hotel, Emperor International has recently successfully disposed of a 2-storey retail complex (with the right of use of a wall-mount advertising signage on the external wall) located on Nos. 4-8, Canton Road, Tsim Sha Tsui, Kowloon with an aggregate saleable area of 2,776 sq. ft. at HK$1.8 billion. The entire complex was purchased in phases from 2007 to 2010 with a total purchase cost of HK$1.16 billion. The disposal has once again demonstrated the Group's sound and effective strategies on investment property.
About Emperor International Holdings Limited Emperor International is an investment holding company, which is principally engaged in property investments, property development and hospitality with property portfolio of over 5 million square feet in the Greater China and overseas. Under its tri-engine business model, Emperor International owns many investment properties in prime locations that generate stable recurrent income; runs many property development projects for earning visibility; and develops hospitality services with strong recurrent cash flow. With its management execution strengths and market insight, Emperor International aims to be a key property player in Greater China. Emperor International has become one of the constituent stocks Hang Seng Corporate Sustainability Benchmark Index since September 2018. It is also an eligible security for Southbound trading under Shenzhen-Hong Kong Stock Connect programme. For more information, please visit its website: www.EmperorInt.com.
Investor/Press Enquiry
Ms. Anna Luk
Group IR Director
Tel: +852 2835 6783
Email:
annaluk@emperorgroup.com
Ms. Janice Au
Group IR Manager
Tel: +852 2835 6799
Email:
janiceau@emperorgroup.com
Source: Emperor International Holdings Limited
Sectors: Daily Finance, Daily News
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan
Apr 26, 2024 10:00 JST
Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024
Apr 25, 2024 18:21 JST
MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park
Apr 25, 2024 17:45 JST
GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series
Apr 25, 2024 16:50 JST
Toyota Exhibiting at Beijing Motor Show 2024
Apr 25, 2024 16:25 JST
Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada
Apr 25, 2024 11:10 JST
UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh
Apr 25, 2024 09:00 JST
Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date
Apr 24, 2024 17:19 JST
MC and Denka Sign J/V Agreement in Fullerene Business
Apr 24, 2024 17:02 JST
Mitsubishi Motors Posts Record Sales in the Philippines in FY2023
Apr 24, 2024 13:56 JST
NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance
Apr 24, 2024 13:25 JST
Fujitsu SX Survey reveals key success factors for sustainability
Apr 23, 2024 10:25 JST
Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions
Apr 22, 2024 16:09 JST
NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II
Apr 22, 2024 15:09 JST
Soft Space Launches the First and Only JCB Payment Gateway in Malaysia
Apr 22, 2024 15:00 JST
TOYOTA GAZOO Racing takes a one-two in Croatian thriller
Apr 22, 2024 10:47 JST
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
More Latest Release >>
Related Release
New Media Lab Announces Proposed Listing on The Main Board of SEHK
June 29 2023 20:32 JST
Emperor International (163) Enters Into HK$1,950 Million 5-Year Unsecured Club Loan Facility
November 15 2021 16:45 JST
Hong Kong Investor Relations Association Announces Winners of 5th IR Awards 2019
May 30 2019 19:30 JST
Emperor International Enters Into HK$2,600 Million 5-Year Unsecured Club Loan Facility
March 12 2019 18:55 JST
Emperor International and Emperor E Hotel Jointly Announces 2018/19 Interim Results
November 29 2018 12:26 JST
Emperor International Enters into HK$2,500 Million Club Loan Facility Agreement with Nine Major Banks in Hong Kong
December 18 2017 16:22 JST
Emperor International Holdings & Emperor Entertainment Hotel Jointly Announce Corporate Exercise
December 03 2010 23:30 JST
Emperor International Holdings & Emperor Entertainment Hotel Jointly Announce 2010/11 Interim Results
November 24 2010 23:00 JST
Emperor International Holdings & Emperor Entertainment Hotel Announce 2009/2010 Annual Results of Encouragement and Improvement
June 29 2010 01:52 JST
More Press release >>