A company headed by Pansy Ho has given up concession rights for some of its land on Coloane island in Macau to allow the expansion of a reservoir, local media reports.
Islands Development and Tourism Company Limited/Sociedade de Turismo e Desenvolvimento Insular S.A. (STDI) gave up the rights over five land parcels of the area, totaling some 3,596 square metres.
STDI was created in 1977 with a capital of MOP200 million ($24.7 million) with the sole purpose of developing an integrated resort in Hac Sa Beach, Macau News Agency says.
The 767,373 square metres land plot leasing concession was granted to STDI in 1980, with the land currently occupied by the Grand Coloane Resort hotel. A 10-year extension to the concession was granted in 2013.
Pansy Ho is the daughter of gambling legend Stanley Ho and is the co-chair of MGM China Holdings.