Billionaire Ong's HPL Looks to Cut Stakes in Singapore Retail Strip
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The property firm of embattled billionaire Ong Beng Seng is looking to reduce its stakes in two marquee assets along Singapore's Orchard Road shopping strip, according to people familiar with the matter.
Hotel Properties Ltd. is in talks to sell majority stakes in the Forum shopping mall, as well as the voco Orchard hotel, according to the people, who asked not to be identified discussing private matters. The firm is seeking a deal that would value the two adjacent assets for at least S$2 billion ($1.6 billion), they said.
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