New World Aims For $2.4B Privatization Of China RE Unit

Law360, New York (March 14, 2014, 3:39 PM EDT) -- New World Development Co. Ltd. will offer HK$18.6 billion (US$2.4 billion) to take private its Chinese real estate unit New World China Land Ltd., which has regularly traded below its net asset value, according to a joint statement Friday.

Under the terms of the transaction, New World Development subsidiary Easywin Enterprises Corp. Ltd. will pay NWCL investors HK$6.80 per share when it is delisted, according to a statement filed with the Hong Kong Stock Exchange.

The offer price represents a 32.3 percent premium over the stock’s...
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