Billionaire property director Henry Cheng is reportedly eyeing up the sale of assets in the family’s luxury Rosewood Hotel Group, per a report by Bloomberg .
The disposal is reportedly down to seeking a solution to liquidity challenges in the linked real estate unit New World Development Co.
Bloomberg cities people familiar with the matter, who told reporters that representatives of Cheng have approached companies with discussions only at a preliminary stage.
Rosewood Hotels is run by Cheng’s daughter Sonia and is owned by the family' investment vehicle Chow Tai Fook. The company has four brands: ultra-luxury Rosewood Hotels & Resorts; upper-upscale New World Hotels & Resorts; Asaya, an integrated well-being concept; and private members club Carlyle & Co. Its combined hotel portfolio consists of 58 hotels in 26 countries with more than 30 new properties currently under development.
Hospitality Investor has approached Rosewood for comment,