The blue-chip company said in a statement Thursday it will spin off the Grand Hyatt Hong Kong, Renaissance Harbour View Hotel and Hyatt Regency Hong Kong, Tsim Sha Tsui.
The company didn’t say how much money it expects to raise, but people who have direct knowledge of the deal said in March the company plans to raise around $800 million-$1 billion by listing its hospitality assets in Hong Kong.
New World Development and its controlling shareholder Chow Tai Fook Enterprises Ltd. will hold a combined stake of more than 50% in the new entity after the planned listing, it said.
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Source: Joanne Chiu (2013). New World Development to Spin off Three Hospitality Assets via Hong Kong IPO, FOX Business http://www.foxbusiness.com/news/2013/05/02/new-world-development-to-spin-off-three-hospitality-assets-via-hong-kong-ipo/ published May 02, 2013. Viewed May 03, 2013,