A hotel trust of the Hong Kong conglomerate is hoping to raise $700 million.
By Jessica SeahJune 13, 2013
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Freshfields Bruckhaus Deringer is advising Hong Kong conglomerate New World Development Co. Ltd. on the $700 million initial public offering of its spin-off hotel trust NW Hotel Investments on the Hong Kong Stock Exchange.
New World Development, which has businesses ranging from telecommunications to transportation, is owned by local billionaire Cheng Yu-tung. Its hotel trust includes three hotels in Hong Kong—the Renaissance Harbour View and Grand Hyatt on Hong Kong island, and the Hyatt Regency in Kowloon.
The IPO is planned for July.
Freshfields Hong Kong partners Teresa Ko, Grace Huang and Ken Martin are advising New World on Hong Kong and U.S. law. The company also engaged Hong Kong law firm
Iu, Lai & Li to advise on local property law issues and offshore firm
Conyers Dill & Pearman for Cayman Islands law advice.
Linklaters is advising the underwriters—Deutsche Bank AG, HSBC Holdings Plc., JPMorgan Chase & Co., BOC International Holdings Ltd. and Standard Chartered Plc.
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