New World Development to take China unit private

Deal would see New World China Land taken private for HK$18.6 billion (US$2.4 billion), financed mostly through a rights issue.

New World Development to take China unit private

Hong Kong’s New World Development has offered to take its New World China Land unit private for HK$18.6 billion US$2.4 billion in an effort to gain greater flexibility in managing the China property business.

New World Development is offering HK$6.80 per share to existing shareholders of New World China, a 32% premium over Tuesday’s closing price of HK$5.14, according to a joint statement on Friday. It is also a 53.7% premium...

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