Billionaire Cheng Family Put London Rosewood Hotel Up for Sale
The billionaire Cheng family have put a luxury London hotel up for sale as they grapple with liquidity challenges at debt laden Hong Kong property group New World Development Co.
The family, led by tycoon Henry Cheng, has appointed advisers to offer the Rosewood Hotel in London’s Holborn district for sale, people with knowledge of the plan said, asking not to be identified as the plan is private.
New World has attempted to sell a raft of assets after plunging Hong Kong real estate values pushed up the group’s relative indebtedness. The Cheng family has sought a partner to match a capital injection and the company last month proposed a bond swap that would trim about $1.2 billion from its debt pile.
A spokesperson at Rosewood Hotel Group declined to comment on ownership matters, but said its brands are not up for sale and all its properties remain fully operational as usual. Chow Tai Fook Enterprises, the private investment arm of the Cheng family, didn’t respond to a request for comment.
By Natasha Voase and Faris Mokhtar — With assistance from Shirley Zhao