Property investor and developer Chinachem Group yesterday launched its third Hong Kong hotel, underlining its active return to business after winning a legal battle over the ownership of the estate of its former chairman, the late Nina Wang Kung Yu-sum.
Director Joseph Leung Wing-kong (above), said the group was now a potential bidder in the auction of four sites expected over the next three months.
'We may join the land auctions. It will depend on the prices of the sites,' Leung said.
The group's 432-room L'Hotel Island South is the first hotel completed in the Aberdeen industrial district since the Planning Department relaxed the land use of industrial sites in the area in 2001.
Last week, the privately held company leapt back into the spotlight by putting flats up for rent at the controversial 24-storey residential tower at 129 Repulse Bay Road, a building that has been in mothballs for the past eight years.
On February 2, the High Court ruled that an estimated HK$100 billion fortune left by Nina Wang belonged to the Chinachem Charitable Foundation, denying the validity of a will possessed by businessman Tony Chan Chun-chuen.