Macao businessman Kevin Ho is building a 15-storey apartment building in the high-end Foz do Douro area of the northern Portuguese city of Oporto, Jornal de Negócios says.

The building, to be called the Miramar Tower, will have flats ranging in size from 152 square metres to 613 square metres, each containing one to four bedrooms, and have 200 square metres of balcony area per floor, the Portuguese newspaper reported last week.

The report says a written statement issued by Mr Ho’s company, KNJ Investment, quotes him as saying that he chose Oporto for the project because of the state of its economy, and because of the historical connection between Portugal and Macao.

His company will soon undertake another project, which he describes as having great significance for Oporto, Jornal de Negócios quotes Mr Ho as saying.

KNJ Investment is also converting the Oporto offices of another Portuguese newspaper, Jornal de Notícias, into a five-star hotel to be run by the Marriott chain, Jornal de Negócios says.

Jornal de Notícias is owned by Global Media Group of Portugal, of which KNJ Investment holds 35.25 percent, the second-largest stake.