China Construction Bank takes stakes in HK office project

HONG KONG (Dollar Drops) — Shares of China Construction Bank rose 2.1% to HK$7.93 in morning trade in Hong Kong Friday amid reports the bank take a 40% stake in a Hong Kong hotel property tha will be redeveloped into an office building. China Construction Bank will pay HK$1.37 billion for a 40% stake in the Ritz-Carlton Hong Kong, which it will purchase from Lai Sun Development Co and three other shareholders, the developer said in statement to the Hong Kong Stock Exchange late Thursday. Lai Sun said the hotel, located the central business district, will close by the end of January with the redevelopment of the property to cost up to HK$800 million and be completed by 2011.
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