It is said that the whole block of InterContinental Hotel in Tsim Sha Tsui, Hong Kong is put on sale in the grey market.

Recently, InterContinental Hotel in Tsim Sha Tsui, Hong Kong put the whole block on sale in the grey market and got nearly 8 billion yuan under negotiation with the consortium. It is expected to be implemented in short term. If the transaction is true, it will be the highest price of hotel property among the ever cases in Hong Kong. Calculating by its existing 503 rooms, the average cost per room is up to 1,590 yuan. It is reported that the owners offer 8 to 10 billion yuan for its property. The property is wholly-owned by the UK-listed InterContinental Hotels Group, formerly known as Regent Hotel.