_CR Longdation (CRL) Acquires Kwai Chung Hotel for HK$950 Million

CR Longdation (CRL) Acquires Kwai Chung Hotel for HK$950 Million, Officially Entering the Student Housing Sector

Colliers and Knight Frank Proudly Announce Joint Success in This Transaction

Leading diversified professional services and investment management company Colliers nd Knight Frank, a global leader in private real estate consultancy, are delighted to announce their successful collaboration in assisting CR Longdation (CRL), a member of China Resources (Holdings) Co. Ltd, in signing the sale and purchase agreement to acquire a hotel property located on Castle Peak Road, Kwai Chung, for approximately HK$950 million. CRL plans to convert the property into student housing, providing around 900 beds.

CRL has been active in the market in recent years, acquiring the KF88, the retail podium of Alto Residences, and three community retail properties from the Hong Kong Housing Society's commercial retail asset portfolio in 2024, alongside its rapid expansion into the "Power a Beautiful Life" EV charging infrastructure business. This acquisition marks the formal expansion of CRL's business footprint into the student housing sector.

Willis Mak, Executive Director, Head of Private Clients, Greater China at Knight Frank commented, “Knight Frank is honored to have assisted CRL in successfully completing the transaction of “Hotel Cozi Oasis”. This deal is the largest and most high-profile hotel transaction of the year. Recently, Hong Kong’s property market has seen several large-scale deals across different asset types, with hotels and properties suitable for student housing conversions attracting particular attention. This reflects the effectiveness of government policies supporting the development of student accommodation, as well as renewed confidence among enterprises and investors in Hong Kong’s capital market. With mainland enterprises becoming increasingly active in Hong Kong’s property sector, Knight Frank believes that Chinese enterprises will further drive the recovery of the local investment market, with more major transactions expected this year.”

In recent years, the Hong Kong SAR Government has actively promoted the city as an “International Hub for Post-secondary Education” and developed the “Study in Hong Kong” brand. Market data shows that with the rapid growth of non-local student numbers, there is a significant shortfall in student housing supply. CR Land’s acquisition and redevelopment align with government policy directions, helping to address bottlenecks in Hong Kong’s higher education sector and further strengthening the city’s position as an education hub. The successful acquisition of “Hotel Cozi Oasis” marks another extension of CRL’s presence in Hong Kong’s community services sector. It is expected to provide greater support for the growth and development of local young talent, while injecting new momentum into the continued prosperity of Hong Kong’s society and economy.