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VXL Capital Limited Acquires 11 Hotels From China Post
June 12, 2007 |
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Hong Kong-based VXL Capital Limited has signed with China Post to purchase eleven hotels for RMB170 million.
This marks a major step toward China Post's reforms of getting rid of its non-core businesses.
The 11 hotels are located in Hubei, Shandong, Jilin, Sichuan, Gansu, Xinjiang, Shanxi. Per China Post's request, these hotels will not bear any logo or signs of China Post following the transference of them to VXL Capital.
In recent years China's property industry has boomed in response to the country's soaring GDP, and VXL Capital has moved into this growth market. The company says it has focused on building up a strong and diverse property portfolio and is placing itself in a strong position to benefit from the ongoing demand for quality housing in China. The company is focusing its property investment in China's gateway cities, which tend to enjoy both political stability and high growth rates.
VXL Capital says it only acquires sites that enjoy prime locations. It carries out extensive preliminary research before investing in property, and insists on a good basket of property diversification. The Group's strong links with investment fund managers and bankers provide it with ready funding for investment. Once acquired, the Group's property bank is earmarked either for regular rental income and capital appreciation over the longer term, or else is utilized as part of its 'Innovative Concept Development' strategy.
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