Hong Kong's Gaw Capital turns faded properties into gems
Hong Kong
WHEN InterContinental Hotels Group announced the sale of its Hong Kong flagship for US$938 million to a group led by Gaw Capital Partners on July 10, even insiders were caught off guard.
In a town dominated by a handful of multi-billionaire property developers such as Li Ka-shing and Lee Shau-kee, the sale of the coveted harbourfront hotel to a little-known local private equity fund was unexpected.
"They aren't really a household name in Hong Kong and this is such a high-profile deal," said Antonio Wu, deputy managing director for Asia Capital Markets at Colliers International. "We were really surprised."
Though Gaw Capital hasn't attracted much attention at home, the group founded and owned by a Hong Kong family has been busy in the rest of the world for more than two decades, with projects ranging from the venerable colonial hotel, The Strand, in Yango…
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