Pursuits
New World Seeks to Spin Off Hong Kong Hotels in Listing
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New World Development Co., the Hong Kong builder controlled by billionaire Cheng Yu-tung, received permission from the city’s stock exchange to proceed with the listing of its local hotels. The shares rose.
The three hotels will be listed by means of “stapled” securities including shares and preferred shares in NW Hotel Investments Co. and units in NW Hotel Investments trust, according to a Hong Kong stock exchange filing yesterday.