HANG LUNG'S HOTEL ACQUISITION ON TRACK

Hang Lung Properties said Grand Hotel Holdings would become its wholly owned subsidiary once the transfer of the hotel's outstanding shares was completed tomorrow. Hang Lung was entitled to acquire all outstanding shares as no application had been received from shareholders to object against the company exercising compulsory acquisition rights, the developer said. Application had been made for the withdrawal of listing Grand Hotel's shares on the Hong Kong exchange with effect from 4pm tomorrow, it said. In late August, Hang Lung Group, which owns 61 per cent of Hang Lung Properties, said in a statement that it would sell its controlling stake in its 73 per cent-owned Grand Hotel to Hang Lung Properties.