Ahead of the opening of its The 13 luxury hotel in Macau later this quarter and property developer The 13 Holdings Limited has announced that American investments firm Evolution Capital Management has acquired a major stake in its business.

In a filing with the Hong Kong Stock Exchange written by company secretary Joanna Mui Ching Hung, The 13 Holdings Limited explained that Santa Monica-based Evolution Capital Management had “become interested in 338,628,459 underlying shares” that represent “approximately 36.77% and 21.62% of the existing issued share capital of the company and the enlarged issued share capital of the company respectively”.

“On February 7, 2017, the company noticed that the Ontario Teachers’ Pension Plan Board has come to have a short position of 338,628,459 underlying shares in respect of unlisted equity derivatives of the company, which represent approximately 36.77% and 21.62% of the existing issued share capital of the company and the enlarged issued share capital of the company respectively,” read the filing.

According to a report from GGRAsia, Evolution Capital Management was one of the first firms to launch a family of funds dedicated to investing American consumer and small business loans that originated from online providers while the news portal revealed that it had received no response to its requests for further information from The 13 Holdings Limited or the Ontario Teachers’ Pension Plan Board.

November saw The 13 Holdings Limited declare that The 13, which is to be located on the border between the Cotai and Coloane districts of Macau, is set to be one of the world’s most expensive hotels-per-key ever constructed and will generate “strong cash flows for the benefit of all shareholders” in due course. It previously mentioned plans to open a casino in the property but Paulo Martins Chan, Director for the Gaming Inspection And Coordination Bureau, declared on Wednesday that the regulator had yet to receive any such license request.

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