New World Development Co. announced on Friday that the company is considering an initial public offering on the Hong Kong Stock Exchange by spinning off certain hospitality assets.
The Wall Street Journal and Bloomberg reported on Monday that according to people familiar with the matter, the company seeks to raise between US$800 million and US$1 billion.
New World Development Co., Hong Kong, is controlled by billionaire Cheng Yu-tung and its Hong Kong properties include:
- Grand Hyatt Hong Kong
- Hyatt Regency Hong Kong Tsim Sha Tsui
- Hyatt Regency Hong Kong, Sha Tin
- Renaissance Harbour View Hotel Hong Kong
New World Development Co. is also the majority owner of New World China Land, the parent company of New World Hospitality, which bought Rosewood Hotels & Resorts in 2011.