HONG KONG May 13 Hong Kong conglomerate Cheung
Kong (Holdings), controlled by Asia's richest man, Li
Ka-shing, said on Monday it will cancel sales and purchase
agreements for hotel units at a project in Hong Kong after
regulators ruled against it.
Cheung Kong said while it disagreed with the ruling by the
Securities and Futures Commission (SFC), it would pay buyers'
legal and other expenses in connection with the purchase of
hotel room units at its Apex Horizon Hotel.
The move came after the SFC said the sale of hotel room
units appeared to constitute a Collective Investment Scheme that
would require authorization.
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(Reporting By Donny Kwok and Twinnie Siu; Editing by Matt