JAL Hotels Company Limited To Sell Shares Of Hotel Nikko Longbai Shanghai

JAL Hotels Company Limited (President: Shosuke Machida,) has announced that on October 25 the company has sold the entire shares of Shanghai Nikko Hotels Investment Co., Ltd. the holding company of Hotel Nikko Longbai Shanghai to Huaxin Investment Co., Ltd. (Registered in the People’s Republic of China ) and Hip Yick Profits Ltd.( Registered in the British Virgin Island.)
After Huaxin Investment Co., Ltd. and Hip Yick Profits Ltd. took over the hotel’s ownership, management, and operation on October 25, the hotel’s current name - ” Hotel Nikko Longbai Shanghai” -will be retained until November 15, when the Chinese Government will officially approve the new hotel name.
JAL Hotels, the JAL Group`s hotel subsidiary, is aiming for a listing on the Tokyo Stock Market in FY 2003. The sale of shares is aimed at strengthening its financial base in advance of the listing.