CR Longdation buys Kwai Chung hotel at $953 m, transforming it into student accommodation

CR Longdation, a subsidiary of China Resources, purchased a hotel on Castle Peak Road in Kwai Chung for HK$953 million, which was planned to be converted into student accommodation with around 900 rooms.

Patrick Mak, managing director in South China and head of Greater Bay Area office strategy and solutions, said the Hong Kong property has made several large-scale transactions in all types of property recently, with hotel and properties with potential to transform them into student accommodations being the most prominent, reflecting the effectiveness of the government's support for building additional student accommodations, as well as corporate and investor's confidence boost in Hong Kong's capital market.

Mak added that as mainland enterprises become more active in Hong Kong's property market, they will add impetus to the property capital market, and he expects more large-scale transactions this year.

The Kwai Chung hotel transaction has made the highest record this year since CR Longdation purchased the Winland 800 Hotel at HK$765 million in 2025.

Gloria Leung