BRIEF: SJM to buy commercial building in Hengqin for $75 million

0880.HK 0242.HK

Casino operator SJM Holdings Ltd. (0880.HK) announced on Wednesday that it has agreed to buy a nine-story office building in Zhuhai’s Hengqin district from Shun Tak (0242.HK) for 546 million yuan ($75.2 million). The property has total gross floor area of about 14,845 square meters.

Hengqin and adjacent Macau will introduce a new multi-entry visa program in January, which is expected to significantly boost hotel demand in Hengqin, SJM said. Accordingly, the company plans to convert the acquired property into a three-star hotel. SJM noted that the property is just a five-minute walk from the Hengqin Port Joint Inspection and about a 10-minute drive from Cotai, one of Macau’s main gambling centers.

By Lau Chi Hang

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