THE $735 million floatation of Shangri-La Asia, the Hongkong and China hotel arm of the Shangri-La group, has been oversubscribed 108 times. At the close of the applications on June 3, a total of 9,316 valid applications had been received for a total of 14.58 billion shares. The 15,000,000 shares offered on a preferential basis to employees have been fully applied for. Earlier, Shangri-La Asia said it would use about $140 million of the funds raised in its public floatation to refurbish the Kowloon Shangri-La Hotel. The listing of the Shangri-La group's Hongkong and China hotel arm will give the Hongkong stock exchange its 12th major hotel counter. The company has eight properties with a total of 1,284 hotel rooms in Hongkong and 3,342 hotel rooms and 933 apartments in China. After the float, the Kuok Group will remain the major shareholder in the company, holding 59 per cent. China Resources, the mainland's key trading arm in Hongkong, will have an eight per cent stake.