Former Macau lawmaker Chan Meng Kam has been revealed as the buyer of the group which owns and operates Hotel Lan Kwai Fong in Macau, according to a filing from China Star Entertainment Ltd. on Tuesday.
Earlier this year, Hong Kong-listed Paradise Entertainment Ltd. entered into a letter of intent for the acquisition of the hotel and the associated residential units, but no further agreement came of it.
Hotel Lan Kwai Fong Macau includes a total of 209 guest rooms, a casino situated on the ground, first and 18th floors, restaurants, a flower shop, retail shops and a spa centre.
Chan reportedly acquired the hotel and residential units for HK$2 billion (US$256.1 million), with HK$200 million paid in cash as non-refundable deposit, and the remaining HK$1.8 billion to be paid upon completion.
In a filing from China Star, the company says that upon completion, the group of companies will cease to be the subsidiaries of the group and their financial results will cease to be consolidated into the consolidated financial statements of the group.
China Star also notes that it expects to record an estimated gain on disposal of approximately HK$648 million as a result of the disposal.
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