Suncity Group Purchases Majority Stake in SunTrust Home Developers

Home » Suncity Group Purchases Majority Stake in SunTrust Home Developers

Hong Kong-based Suncity Group is growing, having finalized a majority stake purchase in Suntrust Home Developers. Suncity is owned by Chau Cheok Wa and controlled by the Macau Casino junket brand Suncity Group.

The purchase was announced in October and was concluded by means of stock shares. It now controls 51% of the Philippine-based firm that can go ahead with plans to operate a hotel and casino near Manila Bay, a Suntrust Westside City Resorts project.

Suncity can now fulfil its dream of having a stronger presence throughout East Asia. It is on track with a future purchase of 51% of Japan’s MSRD Corp. because it owns land in the city of Mijakojima located on Miyako Island.

Suncity will be well poised to advance its tourism business. The company plans to develop a resort with 40 villas and a hotel tower of 100 rooms.

It doesn’t hurt its goals that it has acquired a greater stake in Summit Ascent in Russia.

The company announced at the time that…

“Suncity Group Holdings has successfully acquired partial stakes of Summit Ascent and will participate in the second phase of Tigre de Cristal Resort and Casino in Russia.”

Of note, they have been the chief operator of the Tigre de Cristal casino in Vladivostok.

Vietnam is the next target. Company eyes are on an undeveloped piece of land that would be perfect for a resort-casino.

Source: https://calvinayre.com/2020/01/13/business/suncity-group-concludes-stake-purchase-in-suntrust-home-developers/

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