Allan Alor Tablet an
Sing Tao Wan Pao 13.9.78
Headlines:
Three local consortia invest HK$1,000 million to build hotels in four
big cities in China.
The
It is expected that the consortia will manage the hotels for
five years before handing them back to the Chinese authorities.
aim of the investment is to strengthen Hong Kong's position, not to
make profit.
According to reliable sources in finance circles, three local
consortia, namely the Sun Hung Kai, Hopewell and the New World have decided
to embark on a joint venture by investing HK$1,000 million to build modern
hotels and tourist facilities in four big cities in China, namely Peking,
Shanghai, Kweilin and Canton.
Representatives of the three consortia will go to China shortly
to hold discussions with the Chinese authorities on details of the plan
and signing of contracts.
The enormous investment will involve the construction of a series`
of modern hotels and tourist facilities. These hotels will be similar to
local top class hotels and each will have more than 100 rooms.
It is expected that construction involved will be completed in
three years once the plan has been given the green light. The building
plans for the hotels. are being drafted under the supervision of Mr. Wu
Ying-sheung of Hopewell Holdings Ltd.
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