HK FERRY (HOLD) collaborates with Tung Wah Group of Hospitals to launch a youth hostel project
HK FERRY (HOLD) announced that its wholly-owned subsidiary, Vison Shipping Co., Ltd., has been approved by the Urban Renewal Authority to convert the residential portion of the redevelopment project "Ying'an" located in Cheung Sha Wan into youth dormitories. The project will be operated by Tung Wah Group of Hospitals and named "Tung Wah‧Nanchang Hub," marking the sixth youth dormitory project approved by the Home Affairs and Youth Affairs Bureau. The group is expected to sign a five-year lease with Tung Wah Group of Hospitals and will start charging market rent at the end of this month
According to the Zhitong Finance APP, HK FERRY (HOLD) (00050) announced that its wholly-owned subsidiary, Weixin Shipping Co., Ltd., has received approval from the Urban Renewal Authority (the government land grant approver) to convert the residential portion of its redevelopment project "Ying'an" located at 280 Tongzhou Street, Cheung Sha Wan, into youth hostel use. The two youth hostels will be operated by Tung Wah Group of Hospitals and named "Tung Wah · Nanchang Hub," marking the sixth project approved by the Home Affairs and Youth Affairs Bureau under the "Subsidy Scheme for Converting Hotels and Guesthouses into Youth Hostels." It is expected that the group will sign a five-year lease agreement with Tung Wah Group of Hospitals (as the sub-tenant) for the property, starting to collect the agreed market rent at the end of this month, as per the previously signed memorandum of understanding
