Property News · June 7, 2017

New World to buy out its China retail unit in HK$934.5 million privatisation plan


New World Development Co., the holding company of the Cheng family, one of the wealthiest in Hong Kong, will buy out a retail unit that operates department stores in mainland China in a HK$934.5 million (US$119.90 million) privatisation plan.
New World Development will offer HK$2 per share to buy the 27.7 per cent of New World Department Store China Ltd. that it doesn’t already own, according to a statement to the Hong Kong stock exchange. Shares of the retail operator jumped 43 per cent…

Source : South China Morning Post
Read more…New World to buy out its China retail unit in HK4.5 million privatisation plan

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