February 18, 2013 / 6:12 AM / 5 years ago

Li Ka-shing's Cheung Kong says drops plan to list hotel unit

HONG KONG, Feb 18 (Reuters) - Hong Kong tycoon Li Ka-shing’s property firm Cheung Kong (Holdings) Ltd said on Monday it had dropped a plan to list its extended stay hotel business and would instead sell part of the unit to generate cash.

Executive director Justin Chiu told reporters the company planned to initially sell a hotel project with 360 rooms.

Thomson Reuters publication IFR reported in October that Cheung Kong planned to list its extended stay hotel business in a deal that could raise up to $800 million. (Reporting By Alison Leung; Editing by Anne Marie Roantree)

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