New World Devel plans Hong Kong hotels listing
HONG KONG May 2 (Reuters) - Hong Kong property developer New World Development plans to spin off and list three of its hotel properties in a initial public offering in Hong Kong.
The move would be one of several deals planned for coming weeks from companies looking to benefit from demand for commercial property in the city.
The company, controlled by billionaire Cheng Yu-tung, plans to bundle its interests in Grand Hyatt Hong Kong, Renaissance Harbour View Hotel and Hyatt Regency Hong Kong and list them through a trust called NW Hotel Investments, it said in a securities filing late on Thursday.
NW Hotel Investments will initially focus on Hong Kong but will also look to invest in internationally branded hotels in Asia.
At the listing date, New World plans to jointly own with Chow Tai Fook Enterprises at least 50 percent of NW Hotel Investments, New World said.
Hong Kong property and investment company Great Eagle Holdings Ltd has also announced plans to spin off its Langham hotel chain through an $800 million IPO.
Property and infrastructure group Hopewell Holdings also intends to seek listing approval from the Hong Kong exchange for its proposed spin-off of property and hospitality business Hopewell HK Properties, IFR reported. (Reporting by Stephen Aldred; Editing by David Holmes)