Rosedale Hotel Holdings (HKG:1189) says that Ascendas Land International Pte. Ltd. and it are continuing negotiations on definitive agreements and, therefore, it has further agreed to the extension of the exclusivity period to 20 January 2012.

Last October, Rosedale announced that Ascendas and it entered into an MOU for Rosedale's sale of the entire issued share capital in, and shareholder's loan due by, More Star Limited to a stapled trust to be constituted by Ascendas. The indicative selling price is a total consideration of HK$1.315 billion. More Star indirectly owns Rosedale Hotel Kowloon. Rosedale intends to lease back the hotel after the sale and operate and manage the hotel for an initial term of 6 years, which may be renewed a further term of 6 years on terms to be mutually agreed.