IVG Sacked Partner Sells M&C Assets

13th April 2010 (Last Updated April 13th, 2010 18:30)

Cheung Ping Kwong, the dismissed partner of Millennium & Copthorne Hotels in the joint venture Idea Valley Group (IVG), has sold the West Coast Resort Hainan Hotel. Cheung has also sold IVG's majority stake in a mixed-use development in Dongguan, China, and seized control of an offi

Cheung Ping Kwong, the dismissed partner of Millennium & Copthorne Hotels in the joint venture Idea Valley Group (IVG), has sold the West Coast Resort Hainan Hotel.

Cheung has also sold IVG’s majority stake in a mixed-use development in Dongguan, China, and seized control of an office, sacking staff and selling off assets including a hotel and resort.

The company said the properties had been sold despite notices in local newspapers that Cheung is no longer associated with the company and had been removed from his post in November last year.

M&C said it has a $19m (£12.3m) loan against its assets in China, according to Reuters.

M&C’s 70%-owned subsidiary Millennium & Copthorne Hotels New Zealand, which is the partner in the joint venture, requested assistance from the Chinese authorities.

The hotel operator runs 110 hotels in 17 countries around the world.