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Amid Hong Kong Hotel Boom, Billionaire Cheng Yu-tung's New World Weighs Spinoff

New World Development, the Hong Kong conglomerate controlled by billionaire Cheng Yu-tung, is eyeing the spinoff of its some its hotel and hospitality assets amid a regional boom in the industry.

The company said in a statement on Friday no application has been made to the Hong Kong Stock Exchange. No decision has been make about which assets might be included or whether the spinoff would go ahead, it said.

New World has invested in 16 hotels, including the high-profile Grand Hyatt next to the Hong Kong Convention and Exhibition Center where the historic ceremony marking Hong Kong’s return to Chinese rule was held in 1997. New World’s hotel business is overseen by Sonia Cheng, Cheng’s granddaughter. The Chengs owns other hotels through a privately held investment arm.

Hong Kong’s hotels have boomed amid an influx of mainland Chinese travelers.
Cheng is one of many of Hong Kong’s most successful businesspeople to cash in the current boom in hotels through both well-known and offbeat spots. Others include billionaires Li Ka-shing and Lee Shau Kee.

Great Eagle, controlled by Hong Kong’s Lo family, is also looking into spinning office its Langham hotel chain.

Cheng was ranked No. 4 on the 2013 Forbes Hong Kong Rich List with wealth of $16 billion.

Forbes 11/03/13