Hutchison cuts back China holdings
1 September 2002
The Hong Kong conglomerate Hutchison Whampoa has sold its 95 per cent stakes in two Chinese hotels, but insists it is not withdrawing from the market altogether. It has agreed to sell its holding in Beijing's fourstar Harbour Plaza Hotel to China Land Group, a property unit of China Strategic Holdings, for US$66m. Meanwhile, property developer Goldwiz Holdings will acquire its 95 per cent stake in the five-star Harbour Plaza Kunming for US$40m.
Hutchison will now have interests in just four hotels in mainland China. It owns four in Hong Kong and will soon open a fifth.