Shun Ho Resources drops bidding for Guangdong Plaza

William Cheng Kai Man, Chairman of Shun Ho Resources Holdings (0253) and Magnificent Estates (0201), provided an offer to bid for Guangdong Plaza, but said that the company would drop it since its competitors seem to have robust confidence to win.

He said that the company had planned to headquarter the group in the Guangdong Plaza if it wins the bidding, but now another place would be found instead. He predicted that Hong Kong property sector would recover in 3 years.

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