China Star to sell Lan Kwai Fong Hotel for $287.5m

China Star Entertainment said it has reached a deal to sell the Lan Kwai Fong hotel in Macau for $2.23 billion ($287.5 million)

The company said in a Hong Kong Stock Exchange filing that it may be entitled to a further bonus consideration of as much as $1.93 billion. The bonus is related to the Macau government granting rights to develop four parcels of land.

The bonus consideration will be paid within 21 days following the formal approval

by Macau Government of the Permit for Construction Work for the properties.

The group said the accord reflected the substantial amount of work it had already done in negotiating with the government.

The purchaser was named as Bestmix Holdings Limited, a property investment company incorporated in the British Virgin Islands.

 

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