A private businessman from Ningbo in Zhejiang Province is in negotiations to buy the Hilton Shanghai Hotel, which will celebrate its 15th anniversary this month, a source close to the deal told Shanghai Daily.

The source, who asked not to be identified, said Hong Kong-based Cindic Holdings Ltd will likely sell the 43-story hotel to Yu Guoxiang, an owner of real estate companies in Ningbo.

Yu's company was involved in the construction of the Hangzhou-Ningbo expressway.

During a telephone interview, an official in Cindic's Hong Kong office did not deny the negotiations are taking place, but wouldn't talk about the deal.

(eastday.com June 16, 2003)