Hutchison sells Kunming hotel

Hutchison Whampoa has sold its Harbour Plaza Hotel in Kunming to Goldwiz Holdings for HK$310 million. Hutchison last night said it would receive a cash payment of HK$38.75 million, a two-year note of HK$116.25 million, and the remaining HK$155 million in convertible notes of Goldwiz. The notes, convertible at 76 cents, could be converted into a 16.11 per cent stake in Goldwiz in two years.