Hong Kong Ferry (Group) (00050.HK) cooperates with Donghua San Yuan to launch a youth hostel project.

Intelligence Finance and Economics APP News, Hong Kong Ferry (Group) (00050.HK) announced that its wholly owned subsidiary Victory Shipping Limited has been approved by the Urban Renewal Authority (the government land lease approval) to convert the residential portion of its redevelopment project "Bankscape" at 280 Tongzhou Street, Cheung Sha Wan, for use as youth hostels. These two youth hostels will be operated by Tung Wah Group of Hospitals and will be named "Tung Wah Nanchang Hub", which is the sixth project approved by the Social Welfare and Youth Bureau under the "Subsidy Scheme for Converting Hotels and Hostels into Youth Hostels". The group is expected to sign a five-year lease agreement with Tung Wah Group of Hospitals (as sub-tenant) for the property based on a memorandum of understanding signed earlier, and will begin collecting the agreed market rent at the end of this month.