| 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). New World Development will receive HK$10 billion in cash for the sale, the company said in a statement to the Hong Kong stock exchange. A unit of the developer will hold 50 percent of the venture, with Abu Dhabi Investment owning the rest, it said.
The sale follows New World’s previous attempt to spin off its hotel unit in 2013, which sought to raise as much as $1 billion, people with knowledge of the matter said then...............................................Full Article: Source
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