Cheung Kong drops plans to list extended stay hotel business
Hong Kong tycoon Li Ka-shing's property firm Cheung Kong Ltd said on Monday it had dropped a plan to list its extended stay hotel business and would instead sell part of the unit to generate cash.
Hong Kong shares extended losses to drop more than 2 percent by midday as investors grew worried about a possible outlook downgrade for the US credit rating, casting doubt over a quick recovery for the world's largest economy.