Date
24 September 2017

New World to privatize China property unit, filing says

Property giant New World Development Co., Ltd. (00017.HK) has proposed privatizing New World China Land Ltd. (NWCL) (00917.HK) at a consideration of HK$6.80 per share in cash, representing a premium of 32.3 percent on the last closing price, according to a regulatory filing Friday. New World Development has also proposed giving investors the right to buy one new share for every three held for HK$6.20 a piece. The company hopes to raise up to HK$13.99 billion (US$1.8 billion) to fund the privatization of NWCL, finance existing projects, expand its land bank or use it as general working capital, the report said.

– Contact HKEJ at [email protected]

EL/AC/SK

 

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