In Hong Kong, the chain, which is owned by Hong Kong tycoon Lo Ka Shui and family, has two hotels under the Langham hotels brand, and a third, called Eaton Smart.

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" Says GEM chairman Lo Ka-shui: "Although the amount of money companies can raise is small, they can still raise capital.

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His more prominent supporters include Hang Lung Properties Chairman Ronnie Chan and Shui On Land Chairman Vincent Lo, ranked 14 and 25 on the Hong Kong Rich List, respectively.

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Xintiandi, originally a haven for expatriates, is now Shanghai's number one tourist attraction for Chinese visitors, says Vincent Lo, chairman of Shui On.

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"We see (overall) market transactions picking up, as the government is making it easier for first-time home buyers, " said Vincent Lo, chairman of Shanghai-based developer Shui On Land Ltd.

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