CSI Properties sold the J Plus Hotel in Causeway Bay, Hong Kong, for $220 million. CSI purchased the property in 2010, and the sale represents an overall profit for the company in excess of $130 million.
Details are sparse on the buyer of the hotel, with initial reports speculating that China’s Henry Group was behind the transaction, though the firm later denied any involvement. CSI said in a statement that money from the sale will be re-invested into other projects, including the Oriental Crystal Building in Hong Kong, the Legendary Residence in Beijing and the Richgate Shopping Arcade in Shanghai.
Pico Chung Cho-yee, chairman at CSI and confidant to PCCW chairman Richard Li Tzar-kai for five years, said in a statement that the sale showcased CSI’s skills “in value enhancement and capital recycling.”
“The disposal proceeds will further strengthen our solid balance sheet and pave the way for further future growth of our group,” Cho-yee said.
Other investment properties in Hong Kong, Beijing and Shanghai owned by CSI include ground floor shops; a 30-percent interest in an office site in Kowloon Bay and a 50-percent stake in a development site at 232 Wan Chai Road in Hong Kong.