Hotelier admits negligence on office rent agreements

Hongkong and Shanghai Hotels has admitted negligence for failing to disclose four office rent agreements it clinched with Kadoorie group members during 1997-1998. The Kadoorie family is a large shareholder in the company. The agreements concerned space in the St George Building in Central. Of the agreements, one was terminated in November last year, covering space rented on the sixth, seventh, and eighth floors.