[THE INVESTOR] Hyundai Heavy Industries said on July 26 that it has decided to sell a hotel chain operator for 200 billion won (US$179 million) to improve its financial status.

The asset sale is part of its broader 3.5 trillion won self-rehabilitation measures unveiled last year, including sales of non-core assets and a cut in its workforce, in order to stay afloat amid a drop in new orders.

HHI and its two affiliates, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, have been accelerating the sales of stakes in POSCO, Hyundai Motor, and other companies since last year. In 2016, they raised a combined 2 trillion won in cash by selling non-core assets.

This year, they also raised 1 trillion won through spin-offs of business units and asset sales.

By Alex Lee and newswires (alexlee@heraldcorp.com)