New World Development subsidiaries self-financing

New World Development''s subsidiaries are no longer dependent upon the parent group for cash.

New World Development NWD, Hong Kong's fourth largest property developer, fell out of favour with investors in recent years. The company, controlled by the Cheng family, has historically been pretty weak in the disclosure stakes and its costly diversification into new business areas attracted a fair degree of criticism. 

Recently, there have been signs of change and, since reaching a low on 1 June, NWD's share price has risen almost 80% to HK$12.80 - a move that while significant leaves the stock well down on its 1999 high of HK$26.90. In part, the recent rise reflects improved sentiment towards the Hong Kong property market and the...

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