The "Yuepin Hotel - Tsuen Wan" under the Deng Chengbo family of "Hong Kong Property" is rumored to be sold for HKD 950 million to CHINA RES LAND

According to market news cited by Hong Kong 01, the late "King of Shops" Deng Chengbo's family-owned "Yuepin Hotel - Tsuen Wan" launched a tender for sale in April this year, and has recently been acquired by China Resources Land for approximately HKD 950 million. Due diligence is currently underway, and it is expected to be used as student accommodation in the future.

The hotel offers 583 guest rooms, with an average price of HKD 1.63 million per room. The hotel's earlier market valuation was approximately HKD 1.38 billion, making this transaction price about 31% or HKD 430 million lower than the valuation.

Public information shows that the hotel was formerly known as the Industrial Building Red A Center, which was acquired by the Deng Chengbo family from Hang Lung Properties for HKD 528 million in early 2012, and was subsequently converted into a hotel