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New Century Hotels Plans $400M HK IPO

New Century Hotel is seeking to raise about $400 million in an initial public offering in September.

New Century Hotel is seeking to raise about $400 million in an initial public offering (IPO) in September, The Wall Street Journal reports. The Chinese hotel chain operator appointed Deutsche Bank and Morgan Stanley to manage the Hong Kong listing.

New Century Hotel now manages about 70 hotels, in cities, such as Beijing, Shanghai, Hangzhou, Nanchang, Chengdu and Kunming. The hotel chain seeks to manage more than 123 hotels by the end of 2015.

Click here for the story from The Wall Street Journal.

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