Shun Tak takes over golf club
Shun Tak Holdings has taken over the operations of financially troubled International Golf & Yacht Club in Kowloon Bay.
Shun Tak managing director Pansy Ho said she expected the club to break-even within six months.
After the takeover, Shun Tak will own more than 70 per cent of the club.
Ms Ho did not disclose the investment in the club, although she did reveal it involved repaying some debt.
She anticipated demand for golf facilities was growing.
Acquiring the club would further extend Shun Tak's hospitality services network, Ms Ho said.
Jennifer Chai, executive director of the club, said she expected 500 to 600 new members a year would join in addition to the more than 2,000 members on the books.
Shun Tak also has an interest in the Macau Golf and Country Club.
Ms Ho said hospitality service was a long-term strategic development.
She said its property development portfolio, including The Belcher's and the Cheung Sha Wan shipyards redevelopment, was at a comfortable level and the group did not intend to bid for the phase three development at Kowloon Station.
Ms Ho said Melco International Development, Shun Tak's food and beverage arm, had applied to suspend the trading of its shares to allow the stock exchange more time to review its proposal to acquire assets from e-commerce solution provider iMerchants.