00:00Some Rosewood assets could be up for sale on the back of the broader story of the group looking to shore up liquidity.
00:11Shares are up 0.6% to 1%. For more clarity on what we've learned, let's bring in our conglomerate reporter Shirley Zhao here with us on set to tell us exactly about what's happening.
00:23So we learned from sources that Henry Zhang, the current patriarch of the Zhang family, which is the controlling shareholder of New World, is seeking to sell properties in the family's luxury hotel group, Rosewood.
00:38And we learned from sources that representatives for Mr. Zhang have approached some companies for a potential sale of the assets.
00:47We also understand that the discussions were preliminary and there could still be changes.
00:54Tell a little bit more about the significance of this one because they have attempted to divest some of the family's assets before, right?
01:00When you talk about K-11, we've had you on the show talking about this.
01:03But the fact that they're even considering Rosewood, what does that tell us?
01:06Yeah, so this is pretty significant.
01:08Although it remains to be seen what the Zhang family plans to do exactly with the proceeds for the potential sale, it comes at a time when the family's flagship property developer New World is facing a lot of debt problem.
01:24And Rosewood Hotel holds some of the families' highest quality assets.
01:29For example, Rosewood Hong Kong Hotel has just won the top spot of the world's 50 best hotel.
01:36And the market value of Rosewood Hong Kong is about 15.9 billion Hong Kong dollars, according to some roadshow documentations that we've seen.
01:47So depending on what assets that Mr. Zhang is seeking to sell under the Rosewood Hotel Group, the sale could be pretty significant.
01:57And the Zhang family is also seeking other measures to try to provide extra liquidity for New World.
02:04For example, the family is still talking to third-party investors on a potential capital injection into New World.
02:12And the family is also seeking to sell a bunch of New World assets, including their investment properties in mainland China, as well as a mega mall next to Hong Kong's international airport.
02:25And they are still discussing with the airport authority about potential solutions for the mall as well.
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