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The third generation leader of New World Development Company Limited, one of Hong Kong's four largest real estates developers, plans to double its hotel business' income in the next five years.
The company will increase the number of hotels it manages from 28 to 90 in the next five years, but only 30 percent of the hotels will be the company's own properties, said Sonia Cheng, CEO of New World Hospitality, who is the granddaughter of the founder of New World Development.
Cheng has been in charge of New World Hospitality since 2008 and she became executive director of New World Development in February, when her grandfather announced his retirement and her father became chairman.
New World Hospitality has three hotel brands including Penta, New World, and Rosewood Hotels. Rosewood Hotels and Resorts LLC, a high-end hotel brand, was purchased by New World Hospitality in 2011 and will account for 45 percent of New World Hospitality's 90 hotels in the future, Cheng said.
Rosewood plans to come to China, Cheng said, without providing details. She said she has confidence in the Chinese market and expects more New World hotels to be built here, especially in second and third-tire cities.
Asia's second Penta hotel opened in Beijing on Thursday, four years after the first one opened in Shanghai.
Penta Hotels plans to expand from 2 to about 15 hotels in China in the next five years, and to about 30 in Asia, Cheng said.
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