New World Development Co., controlled by the family of 90-year-old Hong Kong billionaire Cheng Yu-tung, is planning an offer to take its $7 billion China unit private, a person with knowledge of the matter said.
New World Development could make an announcement as soon as this week on a bid to buy the shares it doesn’t already own in New World China Land Ltd., the person said, asking not to be identified as the information is private. The stock not already controlled by Cheng’s companies is worth about $2.1 billion based on New World China’s last closing price, data compiled by Bloomberg show.
