That may be less lucrative than it hoped for, but do not shed any tears for Cheng Yu-tung, the firm’s billionaire boss.

这一结果并不如意，但不用为公司老板郑裕彤感到难过。

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New World TMT, its tech and media subsidiary, is chaired by Henry Cheng, eldest son of New World founder and billionaire Cheng Yu-tung.

FORBES: Financial Follies

New World Development, led by the family of billionaire Cheng Yu-tung, moved to expand its global hotel business by acquiring Dallas-based Rosewood Hotels and Resorts last year.

FORBES: Chinese Tourist Travel To Hong Kong Bulges In November

New World Development, the Hong Kong conglomerate controlled by billionaire Cheng Yu-tung, is eyeing the spinoff of its some its hotel and hospitality assets amid a regional boom in the industry.

FORBES: Amid Hong Kong Hotel Boom, Billionaire Cheng Yu-tung's New World Weighs Spinoff