Deals
New World Sells Hotels to Abu Dhabi Venture for $2.4 Billion
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New World Development Co., controlled by the family of Hong Kong billionaire Cheng Yu-tung, said it will sell three hotels to a joint venture with Abu Dhabi Investment Authority for HK$18.5 billion ($2.4 billion).
The developer will receive HK$10 billion in cash for the sale, it said in a statement to the Hong Kong stock exchange. A unit of New World will hold 50 percent of the venture, with Abu Dhabi Investment owning the rest, it said. The hotels include the Grand Hyatt in Hong Kong.