China Construction Bank, China's third largest lender, said it plans to buy the Ritz Carlton Hotel in Hong Kong’s CBD and revamp it into its regional headquarters, the Shanghai Financial News reported, citing the bank’s chairman Guo Shuqing. The bank is negotiating in Shanghai with Hong Kong-listed Lai Sun Development Co, which controls 75% of the hotel. Some Chinese media reported the deal had been concluded for HK$3.6 billion and that the hotel, which is part of the Maryland-based luxury hotel chain, will be closed later this year and the building razed and redeveloped into a 224,000 square foot grade A office building. However, a CCB spokesperson told Thomson Financial Thursday that negotiations were continuing.

You are currently reading words of total words in this article.
To continue reading this article, you must be a subscriber. Log in now..

Finish this article for free.
C-M-O-D-O AUTHENTIC SITE PayPal
@2014 China Economy @ China Perspective.
All Right Reserved.
Server SSL Certificate