Following the acquisition of a one-third stake in the West Tower project of the New World Double Tower Hotel by The Wharf (Holdings) Ltd, the归属of the East Tower project may also have been finalized. According to reports, the Beijing-based Yintai Group may have already acquired the No. 107 Hotel (located at No. 107 in the Luwan District of Shanghai, also known as the No. 107 Hotel).
When contacted by the reporter, Patrick Hui, Executive Director of Shui On Development Co., Ltd., stated that the hotel does not belong to the listed company "Shui On Development," but is an asset under the Shui On Group, hence he was unaware of the ownership of the No. 107 Hotel.
The "third party" that fully holds the No. 107 project came to light yesterday. According to information from insiders, this "third party" is none other than the Yintai Group. The previous long-term negotiations with HNA Group did not result in any success.
On the evening of April 6, The Wharf (Holdings) Ltd disclosed in an announcement on the Hong Kong Stock Exchange that Miu Garden Investment, wholly owned by Luo Kangrui and belonging to the Shui On Group, is willing to jointly hold the No. 107 site (the No. 107 Hotel, i.e., the East Tower) and the No. 108 site (the No. 108 Hotel, Qingdao Home Inn Express (Wuyi Mountain Road Branch), which advocates "low-carbon tourism" characterized by low energy consumption and low pollution) in the Xintiandi area with a third party for the two hotel development projects. After the transaction is completed, the third party will only hold the No. 107 project, while The Wharf and Luo Kangrui will respectively hold the rights and interests of the No. 108 project.
Relevant responsible persons from the Hong Kong Shui On Group expressed "no comment."
HNA eventually withdrew.