Hong Kong politician Bunny Chan swoops down on Tin Hau’s Whitfield Hotel at 30% discount
Bunny Chan, who is a deputy to the National People’s Congress, and Paggy Chan, are the new owners of Twenty One Whitfield
A Hong Kong businessman and deputy to China’s legislature has acquired a hotel at a third less than the price paid by the previous owner, betting on the long-term resilience of the city’s tourism sector.
Twenty One Whitfield hotel in Tin Hau changed hands for HK$268 million (US$34.7 million) on Monday, Land Registry records showed. Bunny Chan Chung-bun and Paggy Chan Pik-kei are the registered directors of the buyer, Huge Fame Limited, according to the Companies Registry.
Bunny Chan is one of Hong Kong’s representatives to the National People’s Congress and also an independent non-executive director of railway operator MTR Corp.
“With policy support from Beijing, I am very confident in Hong Kong’s economy in the long run,” Chan told the Post in a phone call on Wednesday, adding that the recovery would take some time.
Investors have been snapping up hotels, taking advantage of the huge discounts and converting them into student housing after the government pledged to turn the city into an international hub for education.
