CHINA RES LAND acquired the Kwai Chung Hotel for HKD 953 million, planning to transform it into a student dormitory providing 900 beds

Knight Frank and Colliers jointly announced that they successfully assisted China Resources Group's China Resources Land in acquiring a hotel property located at 443 Castle Peak Road, Kwai Chung, for approximately HKD 953 million. It is reported that China Resources Land plans to convert the property into student apartments, providing about 900 beds.

Zhai Cong, head of Colliers' Capital Markets and Investment Services in Hong Kong, stated that the property is the Yipin Hotel - Tsuen Wan, with a total construction area of 293,000 square feet, offering 583 guest rooms. It is reported that China Resources Land plans to add facilities suitable for student use in the public areas while renovating the guest rooms, as well as providing diversified value-added services.

Mike Zixing, Executive Director and Head of Private Clients for Greater China at Knight Frank, indicated that this transaction is the largest and most notable hotel sale in the market this year. Recently, the Hong Kong real estate market has recorded several large transactions involving various property types, with hotels and properties with potential for student dormitory conversion particularly attracting attention. This reflects the government's effective support for policies to increase the construction of student dormitories and the recovery of confidence among businesses and investors in the Hong Kong capital market. As mainland enterprises become increasingly active in the local real estate market, Knight Frank believes that Chinese-funded enterprises will add momentum to the recovery of the local property investment market, and other large transactions are expected to emerge throughout the year