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The 13 owner sells 24 Rolls-Royce Phantoms

2019-06-28 16:07     Comment:0

Hong Kong-listed South Shore Holdings Limited, which owns the troubled The 13 hotel in Coloane, announced yesterday that it sold 24 of its 30 Rolls-Royce Phantom lim- ousines for HK$24 million to a “Ms Cai Yanping”.
The deal was inked on Wednesday.
The limousines were sold by Ocean Wonder Investments Limited, a wholly-owned subsidiary of the subsidiary of South Shore Holdings.
The company announced the deal in a statement to the Hong Kong Stock Exchange.
According to the statement, the two dozen limousines are extended- wheel base Rolls-Royce Phantoms. The limousines were manufactured by Rolls-Royce Motor Cars owned by Germany’s BMW.
The statement stressed that “completion of the disposal took place immediately after signing the 24 sale and purchase agreements, adding that South Shore Holdings “intends to apply the proceeds of the disposal as repayment of bank loans...”.
According to the statement, the company directors are convinced that thedealtosellthetwodozenlimou- sines is “fair and reasonable,” based on “normal commercial terms”.
The statement identifies Peter Lee Coker Jr. as the company’s chairman and executive director.
The Portuguese radio channel of government-owned broadcaster TDM said yesterday that the lim- ousines were sold for a fraction of their original price, pointing out that the owner of The 13 reportedly paid HK$156 million for 30 Rolls-Royce limousines in 2016.

The purchase of the 30 limou- sines was reportedly the manufac- turer’s biggest single order.


This photo taken in September last year shows two red Rolls-Royces parked at the entrance of The 13 hotel in Coloane. Photo: Monica Leong

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