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Ambassador Hotel Arm Signs Contract to Develop 24 Land Parcels in Taiwan's Zhongshan District

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Ambassador Real Estate, a subsidiary of Ambassador Hotel (TPE:2704) has entered into a joint development contract with Pu Hui Construction for 24 land parcels in Zhongshan District, Taipei City, according to a Tuesday filing to the Taiwan stock exchange.

Ambassador Hotel's shares were up nearly 2% in Wednesday's trade.

The two parties will execute an investment agreement, in which Pu Hui Construction will act as the urban renewal implementer by investing 80%. Ambassador Real Estate will contribute the remaining 20% investment.

The project is expected to help Ambassador Real Estate enhance its asset development capabilities and boost its operating revenue.

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