Core Viewpoint - The article discusses the potential sale of assets from the Rosewood Hotel Group, owned by the Cheng family, amid financial difficulties faced by their real estate subsidiary, New World Development Group [4][5][10]. Group 1: Rosewood Hotel Group Overview - Rosewood Hotels, established 46 years ago, is known for its unique identity and has been significantly influenced by two generations of female leadership [7]. - The brand was founded by Caroline Rose Hunt, who expanded it internationally, with the first overseas hotel opening in Mexico City in 1998 [7][9]. - In 2011, the Cheng family acquired Rosewood and its five hotels for over $800 million, marking a new chapter for the brand under the leadership of Zheng Zhihua [8][9]. Group 2: Financial Challenges of New World Development - New World Development is facing severe liquidity challenges, with a reported loss of approximately HKD 171.26 billion for the fiscal year 2024, marking its first loss in nearly 20 years [17]. - The company's total borrowings reached HKD 1,464.88 billion, with HKD 322.1 billion due within 12 months, while cash reserves were only HKD 214.18 billion [17]. - The stock price of New World Development has plummeted by 87% compared to its peak in 2019, prompting the company to prioritize cash recovery and debt reduction [18]. Group 3: Asset Sale and Future Prospects - The potential sale of Rosewood assets is seen as a crucial move for the Cheng family to alleviate financial pressures [10]. - New World Development aims to recover HKD 26 billion by selling development projects and accelerating cash flow from mainland China and Hong Kong [18]. - The company has also proposed a debt restructuring plan, including a significant write-down of up to 50% on certain bonds, indicating the severity of its financial situation [19].

作者丨张雪 来源丨东四十条资本 也被视为郑氏家族纾困动作的重要一环。 10月底，2025年"全球50最佳酒店"榜单在伦敦发布，今年的榜首落在了维港之畔的瑰丽酒店上，颇具戏 剧性的是，仅仅过去一个月，这家顶级奢华酒店就被摆在了货架上。 近日，有传闻称香港四大家族的郑氏家族已与一些公司接洽，考虑出售旗下58家瑰丽酒店里的部分资 产。知情人士称，这些洽谈尚处于初步阶段，未来走向可能会有所变动。 不过，当下郑氏家族正面临旗下房地产子公司新世界发展集团资金流动性的挑战，加之周大福上个季度 的财务表现也不及预期，种种负面信号让这个传闻显得扑朔迷离。 "女人做酒店的最高境界，就是瑰丽" 拥有46年历史的瑰丽酒店，在行业中算是一个性鲜明的特例，它的发展离不开两代女性掌门人。 1979年，美国德州石油大王H.L． Hunt的千金Caroline Rose Hunt半路出家选择进军酒店业，时年55岁的 她在得克萨斯州达拉斯购入一座古宅，将品牌用她的中间名"Rose"命名，并将其改造为世界知名的餐厅 与酒店 The Mansion on Turtle Creek，该酒店也迅速成为达拉斯地标。 首家瑰丽酒店的面世，很快就得到了业内外 ...

以下文章来源于旅界 ，作者theodore熙少 旅界 . 跟踪时代浪潮，讲述文旅商业好故事。 本文来自微信公众号： 旅界 ，作者：theodore熙少，题图来自：旅界实拍（广州瑰丽酒店） 一 前两天，一则瑰丽酒店拟出售消息在酒店圈炸开了锅。 据彭博社等多家财经媒体报道，新世界发展集团背后的香港郑氏家族正在考虑出售旗下58家瑰丽酒 店里的部分资产。 这次出售范围之广令人咋舌，连同那个刚刚拿下全球最佳酒店桂冠，估值高达159亿港元的香港瑰 丽，也可能被摆上货架。 看到这条新闻，我的记忆瞬间被拉回到了十余年前。 那时候，香港四大家族排名第三的郑裕彤刚刚决定由孙女郑志雯接手家族酒店业务。 哈佛毕业的郑志雯做了一个极其大胆的决定。她不仅通过新世界集团豪掷2.29亿美元买下了瑰丽酒 店，更做出一个惊人举动，直接把全球总部从德克萨斯搬到了香港。 那时候的瑰丽，偏安于北美一隅，在全球奢华酒店版图中，声音微弱得几乎听不见，甚至有不少业内 人士断言，这不过是又一个即将被万豪、希尔顿吞并的过气名字。 但郑志雯赌赢了。 她不打算只做一个收租的房东，她想打造一个属于华人的顶级奢华酒店品牌。 2014年，她的第一张王牌打在了北京，这也是 ...

崛起于二十世纪二十年代的郑氏家族已走过百年历程，旗下拥有新世界集团与周大福珠宝集团两大核心产业，业务覆盖房地产、酒店、珠宝等多个领域。 据《福布斯》2025中国香港富豪榜显示，郑氏家族以195亿美元（约合1400亿元人民币）身家位列第三。 近年来，新世界发展面临着巨大的债务压力，目前正通过债务重组和资产出售等措施正在努力改善财务状况。截至2025年6月30日，新世界的总债务约为 1461亿港元，净债务约为1201亿港元。此次拟出售瑰丽酒店资产，被视为郑氏家族纾困动作的重要一环。 拟出售瑰丽酒店 据报道，香港郑裕彤家族正寻求买家，计划出售家族旗下高端酒店品牌瑰丽酒店集团（Rosewood Hotel Group）的部分资产，以应对旗下地产公司新世界 发展面临的流动性挑战。 知情人士表示，郑氏家族代表已与多家公司初步接洽，就瑰丽投资组合中的资产可能出售进行探讨。这些洽谈尚处于初步阶段，最终是否成事仍有变数。 多年来，瑰丽酒店集团过往多年由郑家纯女儿郑志雯（Sonia Cheng）掌舵，由家族紧密持有的投资机构周大福企业有限公司（Chow Tai Fook Enterprises Ltd.）所有。 瑰丽品牌始于19 ...

01 据彭博社等多家财经媒体报道，新世界发展集团背后的香港郑氏家族正在考虑出售旗下58家瑰丽酒店里的部分资产。 这次出售范围之广令人咋舌，连同那个刚刚拿下全球最佳酒店桂冠，估值高达159亿港元的香港瑰丽，也可能被摆上货架。 看到这条新闻，我的记忆瞬间被拉回到了十余年前。 那时候，香港四大家族排名第三的郑裕彤刚刚决定由孙女郑志雯接手家族酒店业务。哈佛毕业的郑志雯做了一个极其大胆的决定。她不仅通过新世界集团 豪掷2.29亿美元买下了瑰丽酒店，更做出一个惊人举动，直接把全球总部从德克萨斯搬到了香港。 那时候的瑰丽，偏安于北美一隅，在全球奢华酒店版图中，声音微弱得几乎听不见，甚至有不少业内人士断言，这不过是又一个即将被万豪、希尔顿吞并 的过气名字。 前两天，一则瑰丽酒店拟出售消息在酒店圈炸开了锅。 但郑志雯赌赢了。 她不打算只做一个收租的房东，她想打造一个属于华人的顶级奢华酒店品牌。 2014年，她的第一张王牌打在了北京，这也是瑰丽在全亚洲第一家酒店。 为了这张王牌，郑家拿出了自己在北京CBD最核心的资产京广中心，这栋曾经的北京第一高楼，属于新世界中国自有物业。 为了让瑰丽一战成名，郑志雯做了一个极其任性的决定，把原 ...

Core Viewpoint - The potential sale of the Rosewood Hotel Group's assets, particularly the flagship Rosewood Hong Kong, is a strategic move by the Cheng family to address financial pressures faced by New World Development amid ongoing liquidity challenges [1][3][10]. Group 1: Asset Sale and Financial Strategy - New World Development's chairman, Cheng Ka-shun, has reportedly initiated discussions with potential buyers regarding the sale of parts of the Rosewood Hotel Group, with talks currently in preliminary stages [1]. - The Rosewood Hong Kong, valued at approximately HKD 15.9 billion, is considered a core asset in this potential transaction [2]. - The timing of the sale rumors coincides with New World Development's liquidity challenges, making the asset sale a critical measure to manage financial strain [3][10]. Group 2: Financial Performance and Debt Management - As of June 30, 2025, New World Development reported total debt of HKD 146.1 billion and a net debt of HKD 120.1 billion, with a significant loss of HKD 16.3 billion in the first half of 2025, marking a 38.07% increase in losses year-on-year [4]. - The company has undertaken various financial self-rescue measures, including a debt refinancing of HKD 88.2 billion, extending repayment terms to June 2028 [6]. - A debt exchange offer was announced in November 2025, aiming to replace existing securities with new perpetual capital securities and notes, potentially reducing net debt by HKD 13 billion if fully subscribed [7][9]. Group 3: Broader Asset Liquidation Efforts - New World Development has been actively selling assets to alleviate financial pressure, including the sale of the K11 office building in Shanghai and the Rosewood Hotel in Makati, Philippines [10]. - The company is also in discussions to sell the 11SKIES shopping center at Hong Kong International Airport, with estimates suggesting a sale price exceeding HKD 10 billion [10].

Core Viewpoint - The Cheng family, one of Hong Kong's "Four Big Families," is reportedly seeking to sell part of its assets in the Rosewood Hotel Group to address liquidity issues faced by its real estate company, New World Development [1][2]. Group 1: Asset Sale and Market Conditions - The Rosewood Hotel Group is currently operational, with no formal confirmation of the asset sale in the market [1][3]. - The hotel group was acquired by New World Development in 2011 for approximately $229.5 million, and it has expanded to 33 hotels globally, with several more in the pipeline [3]. - The current market environment is favorable for the sale of quality hotel assets, with over half of hotel projects selling for less than 70% of their assessed value [6]. Group 2: Financial Challenges of New World Development - New World Development announced a delay in the payment of $3.4 billion in perpetual bonds, indicating ongoing financial strain [2][10]. - The company's total debt reached HKD 1,460 billion, with net debt at HKD 1,201 billion, highlighting the need for debt reduction [8][10]. - The company has been exploring asset sales to alleviate financial pressure, with the potential sale of the Rosewood Hotel Group being a strategic move [8][11]. Group 3: Performance Metrics - For the fiscal year ending 2023, hotel operating revenue was HKD 1.499 billion, a year-on-year increase of 8.54%, but the hotel operations incurred a loss of HKD 360 million [4]. - New World Development's revenue for the fiscal year was HKD 27.681 billion, a decline of 23%, with a loss attributable to shareholders of HKD 16.302 billion, an increase of 38.07% [7].

Group 1 - The Cheng family's Rosewood Hotel Group is reportedly seeking buyers for some of its luxury hotel assets to address liquidity issues faced by its real estate subsidiary, New World Development [1] - Discussions regarding the sale of Rosewood assets are in preliminary stages, with no confirmed plans, and the hotels are currently operating normally [1] - Rosewood Hotel Group, led by Cheng's daughter, operates 58 properties globally and is known for its flagship Rosewood Hong Kong, which recently ranked first in the "World's 50 Best Hotels" list [1] Group 2 - New World Development, a heavily indebted real estate developer, announced plans to issue up to $1.9 billion in new bonds to improve liquidity, with bondholders potentially facing up to 50% debt write-downs [2] - Other real estate developers are also selling hotel assets to alleviate financial pressure, including Jinmao (Sanya) Tourism Co., which is selling 100% equity for approximately 2.265 billion yuan [4] - R&F Properties has been selling hotel assets since 2022 due to losses and debt issues, with recent sales including the R&F Wanda Realm Hotel in Changsha for 513 million yuan [4]

Core Viewpoint - Liu Qiangdong, founder and chairman of JD Group, announced the launch of the independent JD Takeout app during the third "JD Wine Tasting" event, emphasizing the need to enhance user experience and accessibility in the food delivery sector [5][8]. Group 1: JD Takeout App - The JD Takeout app was launched to address user difficulties in finding the food delivery service within the main app, which previously led to confusion [5][8]. - The app aims to provide a more convenient and user-friendly experience for customers who frequently order takeout [8]. Group 2: JD Review and JD True List - JD Review, powered by AI, was introduced to provide objective evaluations of restaurants, hotels, attractions, and airlines, based on extensive data analysis [10][11]. - JD True List will rank various dining and travel options, catering to consumer preferences and enhancing the decision-making process for users [11]. - Liu Qiangdong emphasized that both JD Review and JD True List will never be commercialized to maintain fairness and objectivity in evaluations [13][14]. Group 3: Critique of Commercialization in Reviews - Liu Qiangdong criticized the commercialization of restaurant reviews, arguing that it undermines fairness and leads to biased rankings favoring those who pay for better visibility [14]. - He stated that prioritizing profit over user value in review systems is counterproductive and detrimental to the integrity of the information provided [14]. Group 4: Rosewood Hotel Preference - Liu Qiangdong expressed a strong preference for Rosewood hotels, stating that he and his wife prioritize staying at these hotels during their travels for their quality and artistic appeal [16][17]. Group 5: Launch of Qixian Coffee - JD officially launched its fresh beverage brand, Qixian Coffee, which focuses on using only fresh milk to provide healthier and tastier coffee options [19]. - The brand plans to expand rapidly, opening 3 to 5 new locations weekly, with a goal to cover major urban areas in Beijing by the end of the year [19].

Core Insights - Liu Qiangdong, the chairman of JD Group, praised the Rosewood hotel brand during the third JD wine tasting event held in Sanya on November 17 [1] - He emphasized that for him and his wife, Rosewood represents the highest taste, artistry, and quality in hospitality [1] Group 1 - The JD wine tasting event took place at the Rosewood Hotel in Sanya [1] - Liu Qiangdong highlighted his preference for Rosewood hotels during their global travels over the past 12 years, stating that they would go out of their way to choose Rosewood whenever possible [1] - The event serves to promote the JD brand and its association with high-quality experiences [1]