China Star to Divest of Macau Land

China Star Entertainment has about a month to dispose of several plots of prime real estate in Macau. The land, worth HKD2.23 billion (US$288 million) is next to the company’s Lan Kwai Fong hotel property. In 1999, the local government gave the land to the parent of SEJM Holdings.

China Star Entertainment has until February 28 to shed the property leasehold rights of undeveloped land next to its Lan Kwai Fong hotel in Macau. GGRAsia reports the company may also sell the hotel, which includes a casino run by SJM Holdings Ltd.

The land was granted to STDM, parent company of SJM, by the Macau government before the city’s return to Chinese rule in 1999, reported GGR. In 2010, China Star paid HKD550 million to acquire the property leasehold rights, but STDM is still the registered owner of the properties.

The buyer has been identified as Bestmix Holdings Ltd., 51-percent owned by Hong Kong-listed CSI Properties Ltd. The property investor and developer works primarily in Hong Kong and Shanghai.