May 13, 2013 / 8:46 AM / in 5 years

Li Ka-shing's Cheung Kong cancels sale of hotel units for residential use

HONG KONG, May 13 (Reuters) - 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.

For the full statement, click here

Reporting By Donny Kwok and Twinnie Siu; Editing by Matt Driskill

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