Hotel sale records paper loss of $378m

The 598-room Hotel Cozi Harbour View, located at 163 Wai Yip Street in Kwun Tong, was sold by Hong Kong "Shop King" Tang Shing-bor’s family for HK$1.87 billion last month, 40 percent below the offer price  in March 2022 of HK$3.1 billion.

The buyer is Nanyang Commercial Bank.

The Tang family bought the 32-story building, with a gross floor area of around 235,300 square feet, for HK$2.25 billion in 2017, meaning it logged a paper loss of HK$378 million.

Based on the transaction price, the average price per room is HK$3.13 million.

June Chen