Chinese blockchain company bids for Hong Kong boutique hotel

George Sell By George Sell
19 January 2018 | Updated 19 January 2018

China: Sharing Economy International Inc, a Chinese textile machinery maker with blockchain ambitions, is bidding to buy the Mira Moon hotel in Hong Kong.

A division of Sharing Economy is offering to buy the Mira Moon Hotel from Hong Kong property billionaire Lee Shau-kee's hospitality company, Miramar Hotel & Investment Co, for HK$1.35 billion (US$173 million). Sharing Economy COO Parkson Yip said he hopes for a deal to be finalised by the end of next month.

US-listed Sharing Economy, which has a market value of about US$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 US$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 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.

A representative for Miramar said the company has no plans to dispose of the property.

Lee is Hong Kong's second-richest person with a net worth of US$25.1 billion, according to the Bloomberg Billionaires Index. Miramar is 48.3 percent owned by Henderson Land Development Co, which is controlled by Lee's family and ranks as the city's third-largest developer by market value, its annual report shows.

Sharing Economy shareholders approved the company's name change in December. The firm also makes dyeing and finishing equipment for the textile industry, its website shows.

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