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NWD’s Cash Strain Sees Cheng Family Considering Rosewood Divestments
December 2, 2025
Hong Kong billionaire Henry Cheng is said to be exploring the sale of select properties within the family-owned Rosewood Hotel Group in hopes of easing mounting liquidity pressures tied to NWD. Representatives have approached potential buyers, though discussions are at early stages and may change. Rosewood, run by Henry’s daughter Sonia Cheng, is held under Chow Tai Fook Enterprises and has grown into a major luxury brand with 58 global properties since the family acquired it in the early 2010s. Its flagship Hong Kong hotel was valued at HKD 15.9bn ($2bn). The potential asset sale aligns with broader efforts by NWD to strengthen cash flows. The family previously sought a partner to co-invest HKD 10bn ($1.3bn), but talks had stalled. NWD has since launched an exchange offer of up to $1.9bn in new debt that has steep haircuts on bondholders. Other divestment attempts, including infrastructure assets, the 11 Skies mall, and a major road portfolio, have faced delays. Meanwhile, NWD has taken impairments and secured smaller-than-expected loans against key properties, underscoring the severity of its financial strain.
Its dollar bonds were trading stable, with its 4.125% 2029s at 76.8 cents on the dollar, yielding 12.3%.
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