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New World Development Says No Agreement Reached on Hotel Asset Disposal

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-- New World Development (HKG:0017) said it has not entered into any agreement regarding the disposal of certain Hong Kong hotel assets, according to a Tuesday bourse filing.

The company said potential buyers periodically approach the group regarding various assets, including hotels in Hong Kong, but no transaction has been agreed upon that would require disclosure.

Bloomberg reported earlier that New World has been in discussions to sell its 50% interest in a Hong Kong hotel portfolio valued at about $2 billion.

The assets reportedly include the Grand Hyatt, Renaissance Harbour View Hotel, and Hyatt Regency Hong Kong, Kowloon.

The report added that Singapore-based Aravest Pte, a real estate manager backed by Sumitomo Mitsui Finance & Leasing, was among potential buyers.

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