NEW WORLD DEV Reportedly Considers Selling Stake in USD2B Hong Kong Hotel Asset Portfolio
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NEW WORLD DEVis reportedly in talks to sell a 50% stake in a portfolio of three Hong Kong hotels valued at approximately USD2 billion. The potential buyer is Aravest, a Singapore-based real estate management company. The portfolio includes Grand Hyatt Hong Kong, Renaissance Harbour View Hotel, and Hyatt Regency Hong Kong. NEW WORLD DEV is expected to receive around USD300 million in cash proceeds after debt deductions. Negotiations are ongoing.
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