Deals
New World China Gets Approval to Privatize, Shares Surge
- The company gained shareholder support for privatization
- New World will release further details of the deal soon
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New World Development Co. has gained shareholders’ support for an offer to take its Chinese real estate unit private, obtaining the green-light to proceed with a deal that was last valued at HK$21.5 billion ($2.8 billion).
New World China Land Ltd. shares surged as much as 43 percent to HK$11 on Tuesday, the biggest intraday increase on record, before paring gains to HK$8.81 at 3:32 p.m. in Hong Kong. The shares will be suspended from April 6 till their eventual delisting from the Hong Kong stock exchange. Details of the impending deal and the subsidiary’s delisting will be announced later, the companies said Monday.