SINGAPORE (Sept 27): Shares in Mandarin Oriental International took a dive on Wednesday after the hotel group announced that none of the proposals received for the sale of its The Excelsior hotel property in Hong Kong fully met the group’s expectations or transaction requirements.

​It added that it will continue to review all options, including the possibility of redeveloping the hotel into a commercial property.

As at 4.10pm, shares in Mandarin Oriental had fallen 29.2% to US$1.98, making it one of the top losers for the day.

See: Mandarin Oriental continues to review options for The Excelsior despite setback

Mandarin Oriental on Sept 15 revealed it had received proposals from potential purchasers to acquire the four star hotel.

See: Mandarin Oriental receives proposals for The Excelsior in Hong Kong

From around the time of that announcement, its share price had surged by some 31.6% over the past two weeks to close at US$2.79 on Tuesday.