Hong Kong-based investment company Emperor International Holdings is to acquire a commercial property in Macau for HK$430 million(US$336.4 million). The site is in Avenida da Praia Grande, a central commercial area in downtown Macau. The terrace of three-story commercial buildings has a total saleable area of 10,167 square feet, and the company said the purchase will be funded by internal resources and bank financing.

“We are pleased to secure the site in view of the recent growth of the Macau economy led by the booming tourist and gaming industry,” said Donald Cheung, executive director of Emperor International. “The site is in a prime area for retail and commercial development. It demonstrates our strength in property investment and the continuous improvement of the Macau property market.”

A spokesperson said the property could be developed for commercial or retail purposes. Emperor International Holdings’ property portfolio in Hong Kong, Macau and the mainland was valued at about HK$10 billion(US$1,29 billion) at September 30, 2007.