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ADIA invests in Hong Kong hotels in $2.4b deal

by Andrea Waitrovich

Abu Dhabi's sovereign wealth fund, the Abu Dhabi Investment Authority, has agreed to buy a 50 percent stake in three Hong Kong hotels valued at $2.4 billion owned by New World Development Co.

New World Development, owned by billionaire Cheng Yu-tung, told Reuters that it has teamed up with ADIA to form a 50-50 joint venture to pursue acquisition in the hospitality industry instead of going public for its hotel properties.

The joint venture will jointly own Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency TST. Two of the hotels are located in Wan Chai, and the third is in the shopping district of Tsim Sha Tsui.

The closing of the transaction is subject to a number of customary conditions being fulfilled, according to

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