Miramar Hotel (00071) subsidiary intends to establish a joint venture to acquire all shares of Junjing Enterprise Co., Ltd.

According to Zhitong Finance App, Miramar Hotel (00071) announced that on July 23, 2026, Miramar subscribers (Miramar Group Investment Co., Ltd., an indirect wholly-owned subsidiary of the Company), the Company, Dahonghui Capital Investment (a company wholly owned by Dr. Leung Siu-hung), and Dr. Leung entered into a shareholder agreement with the joint venture Ventura Capital (BVI) Limited. According to this, (i) the joint venture partner agreed to establish a joint venture to acquire the target shares (2 common shares of the target company's total issued share capital) and indirectly held property (through the target company), and (ii) the joint venture company issues and allocates 1 common share to Miramar subscribers, so that the joint venture partner holds a 50:50 shareholding ratio. The acquisition cost was HK$400 million.

On July 23, 2026, after signing the shareholder agreement, the joint venture entered into a sales agreement with the receiver (as agents of the sellers Qitai Enterprise Co., Ltd. and Hengjing Group Co., Ltd.) on the acquisition. The completion is expected to take place on or before September 15, 2026.

The property includes an eight-storey retail platform called “MPM Plaza (Mandarin Mall, Mongkok)”, located at 240-244 Portland Street, Mongkok, Kowloon, Hong Kong (a) a residential unit with a roof on the 24th floor of Far Eastern Bank Mongkok Building. The total floor area of the property's retail platform is approximately 94204 square feet, while the total floor area of the residential unit is approximately 600 square feet.

One of the Group's main businesses is property investment. The directors believe that the establishment of a joint venture provides the Group with a good opportunity to expand its property portfolio and diversify its revenue sources, and is in line with the Group's core business strategy to enhance the Group's long-term development.

The property consists of a high-quality shopping mall and retail platform. It is ideally located in the heart of Hong Kong's busiest retail hub, Mongkok. The property vacancy rate continues to be low, and the tenant mix is diversified, mainly including restaurants, mid-range retail brands and experiential stores. It is expected to generate stable rental income and has strong rental growth prospects.

The establishment of a joint venture enables Dr. Leung's related group to combine financial resources, technical expertise and operating capabilities in property investment and development with the Group. Joint ventures are expected to bring synergy benefits to property ownership and management, promote sustainable value creation, and reduce investment risks.