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SCMP Reporter

BURLINGAME International is to acquire a loss-making company which owns a five-storey hotel in New Territories for $55 million.

  The company yesterday said it has reached an agreement with director Tang Tsung-tai and his brothers to buy the entire issued shares of Obtainew, a holding company which runs the Beach Resort Hotel at Sai Kung.

  It also owns vacant sites in Sai Kung with a total area of about three million square feet and a net book value of about $4.4 million.



Hotel deal worth $55m