A subsidiary of Macau hotel and casino operator SJM (0880) acquired strata office units and a retail unit of Shun Tak (0242) in Zhuhai for 742.2 million yuan (HK$812.4 million), citing growing hotel demand in the island of Hengqin.
SJM's director Daisy Ho Chiu-fung's family controlled more than 50 percent of the voting rights of Shun Tak, according to an exchange filing.
The acquired property is set to be converted into a three-star hotel, allowing SJM to expand its market reach by attracting a new segment of budget-conscious travelers, the company said.
Its strategic location in Hengqin, close to Macau and with access to the market in mainland China, offers significant growth potential, the company added.
The acquired property consists of strata office units on 12 floors of an office tower and a retail unit, with total gross area of approximately 19,781 square meters.
HELEN ZHONG
