New World targets $1 billion Hong Kong IPO

Conglomerate plans to list hospitality assets in Hong Kong.

Based in Hong Kong, New World Development Company, Ltd. intends to raise from $800 million to $1 billion and is expected to list the hospitality assets in the second quarter at the earliest.

The company has hired HSBC Holdings PLC, Deutsche Bank AG, JP Morgan Chase & Co., BOC International and Standard Chartered Securities to handle the listing.

New World last week said that it is considering a separate listing of certain hospitality assets of the group. No application for the proposed spin-off, however, has yet to be made at the Hong Kong stock exchange.

New World’s major hotel projects in Hong Kong are Grand Hyatt Hong Kong, Hyatt Regency Hong Kong, Tsim Sha Tsui, Hyatt Regency Hong Kong, Sha Tin and Renaissance Harbour View Hotel.