Twin hotel towers work to restart
By Cherry Cao |
January 1, 2010, Friday
|
Print Edition
Print Edition
CONSTRUCTION of two uncompleted hotel towers in Shanghai's Xintiandi will finally resume next week after being suspended for nearly a year and the two hotels will hopefully be able to welcome guests during the Shanghai Expo, a senior government official said.
Work will be able to resume after Hong Kong's Shui On Group, which originally held a 15 percent stake in the development, agreed to acquire the remaining 85 percent from Leo Investment, an industry source confirmed yesterday, without elaborating.
The acquisition for an undisclosed price will enable the Hong Kong developer to become the sole owner of the project, whose suspension has made it an eyesore for the local government due to its prime location.
Construction is scheduled to be completed before the opening of the Shanghai World Expo, Xu Jinguo, deputy director of Luwan District, told local media during an interview on Wednesday.
Rumors that Leo Investment was running out of money caused work on the almost-completed twin towers, which will be operated under the luxury Jumeriah and Conrad brands, to stop early last year.
Both hotel companies told Shanghai Daily yesterday that they could not provide any updated information regarding their management contracts with the project owner.
In December, HNA Group, the parent of Hainan Airlines, said it had initially agreed with Leo Investment to acquire the 85 percent stake for more than 2 billion yuan (US$293 million).
Work will be able to resume after Hong Kong's Shui On Group, which originally held a 15 percent stake in the development, agreed to acquire the remaining 85 percent from Leo Investment, an industry source confirmed yesterday, without elaborating.
The acquisition for an undisclosed price will enable the Hong Kong developer to become the sole owner of the project, whose suspension has made it an eyesore for the local government due to its prime location.
Construction is scheduled to be completed before the opening of the Shanghai World Expo, Xu Jinguo, deputy director of Luwan District, told local media during an interview on Wednesday.
Rumors that Leo Investment was running out of money caused work on the almost-completed twin towers, which will be operated under the luxury Jumeriah and Conrad brands, to stop early last year.
Both hotel companies told Shanghai Daily yesterday that they could not provide any updated information regarding their management contracts with the project owner.
In December, HNA Group, the parent of Hainan Airlines, said it had initially agreed with Leo Investment to acquire the 85 percent stake for more than 2 billion yuan (US$293 million).
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