New World Development Offers to Buy China Unit For Second Time

New World Development Co., the developer controlled by the family of Hong Kong billionaire Cheng Yu-tung, is offering to take its China unit private, a second attempt after a similar bid was rejected by minority shareholders in

2014.

New World Development is offering HK$7.80 in cash for each share of New World China Land Ltd., a 26 percent premium over the last closing price, the company said in a statement to the Hong Kong exchange Wednesday.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE