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First Joint venture hotel fetches 49.1m yuan
Latest Updated by 2003-12-08 16:01:31

China's first joint venture hotel was auctioned for 49.1 million yuan (US$5.9m) Friday in Zhuhai.

A Hong Kong real estate company, Hua Cheng, beat two other firms after 10 rounds of bidding and bought all the shares of the Zhuhai Shijingshan Tourist Center.

The three bidders, all dealing in the real estate sector and two from Hong Kong, each paid 5 million yuan as deposit prior to the auction.

The center, which will be retained as a hotel, can be used for 50 years. The Hong Kong company, reportedly with rich experience in hotel management, will soon instigate reforms for the center but keep 80 percent of the original staff as required by the seller.

The Zhuhai Municipal Government first called tenders for the sale of the hotel for 58 million yuan - 10 million more than Friday's starting price - on July 8, but there was no response.

The Zhuhai Shijingshan Tourist Center was built in 1979, when Zhuhai had just been made a special economic zone. A joint venture invested by Macao businessman Wu Fu and the Zhuhai Municipal Government, it was put into operation in the early 1980s. The government took over the equity over the hotel later.

It was put up for auction after the Zhuhai Municipal Government decided to reform its State-owned enterprises early this year.

Editor: Catherine

By: Source:szdaily
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