NEWS
Henry Cheng explores sale of select Rosewood Hotels
Hong Kong billionaire Henry Cheng is exploring a sale of assets within Rosewood Hotel Group as the family moves to ease liquidity pressures tied to New World Development. Representatives have approached potential buyers for certain properties, with talks described as preliminary and subject to change. Rosewood, led by Sonia Cheng and owned by the family’s Chow Tai Fook Enterprises, has expanded into a recognized luxury portfolio of 58 properties worldwide. The move comes as New World pursues broader balance sheet fixes, including debt exchanges and asset disposals.
The Rosewood platform was folded under Chow Tai Fook Enterprises in 2015 following the purchase of the hotel operations entity and its shareholder loan for HK$1.96 billion. Since then, the brand has elevated its profile, with Rosewood Hong Kong overlooking Victoria Harbour taking the top spot in the World’s 50 Best Hotels ranking in 2025 and being valued at HK$15.9 billion in materials for a recent debt swap proposal. Any partial asset sale from the Rosewood portfolio would align with the Cheng family’s wider efforts to improve cash flow at New World Development, the most indebted major Hong Kong developer. New World has floated issuing up to US$1.9 billion in new debt through an exchange offer that includes haircuts for bondholders of as much as 50 percent, with net debt reaching 98 percent of shareholder equity as of June. Attempts to secure a matched capital injection of about HK$10 billion have reportedly stalled.
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