The Bauhinia Hotels Group Japan 5 agreed to assume all rights and obligations from Green Estate under a contract regarding the acquisition of a Japanese property by the latter for around 1.22 billion yen, according to a joint Feb. 7 filing by Chinney Investments (HKG:0216) and Hon Kwok Land Investment (HKG:0160).
The property comprises a 10-storey hotel building in Osaka, Japan, with a total gross floor area of around 1,569 square meters.
An effective interest of 51% of The Bauhinia Hotels Group Japan 5 is controlled by Best Range Global, which is a unit of Chinney Investments and Hon Kwok Land Investment.
Funding for The Bauhinia Hotels Group Japan 5 to complete the acquisition will be provided by Best Range Global, Long View Japan, and a JV firm they have formed by the name of Optimal Trade. Together, the three parties hold 100% interest in The Bauhinia Hotels Group Japan 5.
Completion of the contract, which was initially expected to take place on or before Jan. 31 has now been extended to Feb. 28 following the assignment of the sale contract.
Price (HKD): $0.63, Change: $+0.020, Percent Change: +3.28%
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