Tuesday, October 21, 2014   




Apex Horizon Hotel rooms bring in $1.4b

Thursday, February 21, 2013

Cheung Kong Holdings (0001) executive director Justin Chiu Kwok-hung said the group has raised more than HK$1.4 billion by selling rooms at the controversial Apex Horizon Hotel.

Many investors made a quick profit by reselling some of the rooms at the site in the Kwai Chung industrial area.

A two-bedroom suite on floor 36, for example, was sold yesterday for HK$3.44 million, up 9 percent from the buying price earlier this week. As of last night, there were at least 20 units available for resale, agents said.

Meanwhile, Chief Secretary Carrie Lam Cheng Yuet-ngor said the government "will certainly investigate" sales of Apex Horizon Hotel rooms.

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Secretary for Development Paul Chan Mo-po said the Lands Department has issued a letter to Cheung Kong in an attempt to understand the operation of the hotel after the sale, and the relationship of the hotel manager and future owners.

Staff from the Office of the Licensing Authority or OLA inspected the hotel yesterday afternoon to ensure that it had complied with the Hotel and Guesthouse Accommodation Ordinance.

Property agencies have featured hotel rooms available for sale of Apex Horizon. Agents said Cannis Ho Ka-yan, a Cheung Kong sales manager, has resold a room for HK$3.38 million, gaining HK$420,000.

VICTOR CHEUNG

Gray areas aplenty in sale: Page 16


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