Sihai International (00120) surged more than 6%, up 6.27% at press time, to HK$2.71, with a turnover of HK$148,000.
The Zhitong Finance App learned that Sihai International (00120) opened more than 6% and rose 6.27% at press time to HK$2.71, with a turnover of HK$148,000.
According to the news, Saudi Arabia's Ministry of Investment (MISA), Regal Hotels (00078), and Four Seas International (00120) announced that they have signed a memorandum of understanding to become strategic partners to jointly cooperate in hotel development and management projects, and aim to acquire, develop and manage a series of sustainable hotels, serviced apartments and innovation centers under Regal Hotels's “Fuhui” brand. According to preliminary estimates, the scale of this cooperative investment is about 5 billion US dollars.
Luo Juntu, vice chairman and managing director of Sihai International, said that the current asset management platform uses Sihai International as the listing carrier, and will not rule out financing methods such as issuing shares, funds, or injecting the same series of assets into the group. According to the memorandum, it will focus on projects such as i-clubs and airport hotels, while MISA helped the group bring in investors from the Middle East. Luo Juntu predicts that the return from this project is high, mainly because Saudi land costs and construction costs are low, and the brand development trend is automated, so he believes that both added value and return are impressive.