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US$1.4 billion super luxury Hotel 13 in Coloane declared bankrupt

Fate of debt-laden property conceived by Hong Kong entrepreneur Stephen Hung remains in balance; creditors must register claims by end March.

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Fate of debt-laden property conceived by Hong Kong entrepreneur Stephen Hung remains in balance; creditors must register claims by end March.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 12:31 am

The multi-million Hotel 13 in Coloane, once touted as the world’s most luxurious, has finally come to the end of the road after its debt-laden owner was declared bankrupt.

The 199-villa boutique property was the brainchild of 64-year-old Hong Kong entrepreneur Stephen Hung, who together with legendary French designer Princess Tania de Bourbon Parme envisioned an ultra-exclusive casino resort with a signature fleet of customised crimson and gold Rolls-Royces.

The Judicial Court has officially declared bankrupt the company responsible for Hotel 13. The hotel loses its licence this month and creditors now have until the end of March to claim any funds owing.

The ruling by the Judicial Court was made on 27 January, but has only now been made public, in the Official Gazette. The bankruptcy announcement came shortly before South Shore Holdings, the main owner of the hotel, was delisted from the Hong Kong Stock Exchange. South Shore’s shares were suspended in July 2021. It had until January this year to restart trading but failed to meet the deadline.

Creditors now have until the end of March, to register their claims from 13 Administração Hoteleira Sociedade Unipessoal. The company’s debts amount to billions of patacas.

The project, which cost over US$1.4 billion, started to take shape in 2013. After multiple attempts and postponements, it finally opened in August 2018. In February 2020 it suspended operations.

The luxury hotel was always presented as a casino resort, despite official assurances that no gaming licence was ever applied for.

Currently, under Macao’s new master plan, the 13’s site is delineated as a residential area, TDM reported.

Stephen Hung quit the company in 2018. Peter Coker, former chairman of South Shore, was arrested in Thailand last year for securities fraud, and could face up to 20 years in prison. 

Attempts to find out from the Macao Government Tourism Office what will happen to the 13 met with no response. The hotel’s licence, which legally can only be suspended for three years, will expire this month.

 

UPDATED: 22 Dec 2023, 12:31 am

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