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Excelsior sale flop a 'reality check'

Property boss describes HK market as 'quite hot', urges developers to be sensible

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Last month, Mandarin Oriental International scrapped the sale of The Excelsior, saying that bids for the 869-room hotel failed to meet its expectations and it would review options including redeveloping the building into a commercial property.

Hong Kong

THE scrapped sale of The Excelsior hotel in Causeway Bay may have been a "reality check" in a heated Hong Kong property market, according to Irene Lee, the chair of Hysan Development.

"We didn't get it - or we didn't bid," she said in a Bloomberg Television interview on...

sentifi.com

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