SJM Eyes China Property for Hotel Construction

MT Newswires Live2024-12-12

SJM Holdings (HKG:0880) has entered into a non-legally binding MOU for unit SJM Investment, or a company it incorporates, to potentially acquire a property from Zhuhai Hengqin Shun Tak Property Development for 546 million yuan, a Wednesday bourse filing said.

The property consists of strata office units on nine floors at the office tower and a retail unit in a mixed-use development in Zhuhai, China.

The casino and hotel operator intends to convert the property into a 3-star hotel if the acquisition materializes. In such a scenario, the buyer will authorize the seller to carry out certain conversion works within a provisional budget of 85 million yuan.

The conversion works are expected to be completed within 12 months after obtaining the relevant construction permit.

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