China construction bank purchases Ritz-Carlton Hotel Hong Kong

Daily news, 28 Sep 2007: HONG KONG--Ritz-Carlton Hotel Hong Kong was finally purchased for HK$3.6 billion by China Construction Bank after several months of negotiations with other foreign investors.Lai Sun Development Company Ltd. declared in 2006 that Ritz-Carlton Hotel, located on 3 Connaught Road, Central, Hong Kong will be closed in 2008, but it will return to Hong Kong in 2010.According to local media reports, Lai Sun has held 76.57% of the shares of Ritz-Carlton and the rest are owned by small shareholders such as Tian Beijun family. Tian Beijun, chairman of Manhattan Holdings affirmed this news about the purchase but gave no further comments on the sale.

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