Hopewell to scale down Wan Chai project by 31%

Published: 20 Nov 2008 17:18:46 PST

Nov. 20, 2008 (China Knowledge) - Hopewell Holdings Ltd<54>, one of Hong Kong's real-estate groups controlled by billionaire Gordon Wu, agreed to cut the scale of the long-proposed Wan Chai Mega Tower by 31%, the South China Morning Post reported, citing Carrie Lam Cheng Yuet-ngor, secretary of the SAR's Development Bureau, as saying.

The company made the decision after about six-month negotiations with the Development Bureau following public concern about the project.

The new revised project, renamed Hopewell Centre II, would be reduced from 93-storeys to 55, and the number of hotel rooms will be cut from about 2,197 to about 1,024.

Hopewell said it plans to invest at least HK$5 billion in the project with HK$400 million to be spent on a road improvement plan.

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