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China blockchain firm pursues Hong Kong tycoon's boutique hotel

01/19/2018| 9:52:22 AM| 中文

Sharing Economy International, a Chinese textile machinery maker with blockchain ambitions, said it’s pursuing the acquisition of a boutique hotel from Hong Kong property billionaire.

A unit of Sharing Economy is offering to buy the Mira Moon Hotel from Lee’s Hong Kong-listed hospitality company, Miramar Hotel & Investment Co., for about HK$1.35 billion (USD 173 million), Chief Operating Officer Parkson Yip said in a phone interview Tuesday. Yip said he hopes for a deal to be finalized by the end of next month.

US-listed Sharing Economy, which has a market value of about USD 17.8 million, recently changed its name from Cleantech Solutions International Inc. as it started to pursue investments in businesses related to the sharing economy as well as blockchain technology. The Hong Kong-based company had USD 4.8 million of cash and equivalents at the end of September, according to data compiled by Bloomberg.

Sharing Economy said last week that a subsidiary entered into an exclusivity agreement to potentially buy a majority stake in Quik Ventures Ltd., which runs a platform for sharing underused office space.

Yip said the company is still considering how it could apply a similar business model to Mira Moon, a 91-room hotel near Hong Kong’s bustling Causeway Bay shopping district. Mira Moon is a part of Marriott International Inc.’s Design Hotels network of independent hotels and uses the hospitality giant’s Starwood Preferred Guest loyalty program.

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TAGS: Sharing Economy International | Mira Moon Hotel | Marriott
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