New World Cashes Up From Hong Kong Sale
Hong Kong's New World Development has raised USD2.4 billion from the sales of equity stakes in three SAR Hotels.
The buyer is the Middle East fund ADIA (Abu Dhabi Investment Authority).
Three properties which have traded an equity stake are the Grand Hyatt, Hyatt Regency and Renaissance Harbour View, all located in Hong Kong.
New World will use the funds for expansion.