Lawmaker demands probe into Cheung Kong's hotel room sale

The city's securities watchdog has been asked to investigate property giant Cheung Kong's sale of suites at its Apex Horizon hotel in Kwai Chung.

The request by Civic Party legislator Dennis Kwok Wing-hang came as Cheung Kong vice-chairman Victor Li Tzar-kuoi reiterated that the sale completely complied with the law.

Kwok wrote to the Securities and Futures Commission yesterday saying the sales fell into the definition of a "collective investment scheme", so prior approvals should have been sought from the commission before the offer could be made to the public.

Asked if the sale was misleading, Li, who is in Beijing for the Chinese People's Political Consultative Conference session, said: "It completely abides with the law."

Li, a son of billionaire Li Ka-shing, declined further comment, saying only: "We support the government to govern in accordance with the law."

In his letter, Kwok, a barrister, urged the commission to look into the matter to protect investors' interests.

"Based on my understanding, there are or will be more hotel investment schemes of a similar nature," he wrote.