Billionaire Cheng Family to Buy Out NWS in $4.5 Billion Deal
- New World Development will receive $2.8 billion from disposal
- Hong Kong’s property market and outlook is in a rare downturn
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Hong Kong’s billionaire Cheng family is offering to buy the NWS Holdings Ltd. shares it doesn’t own in a HK$35.5 billion ($4.5 billion) deal that would help lower debt at its property conglomerate.
The transaction would in effect shift cash from the family’s investment holding company to its builder New World Development Co., which owns a majority stake in NWS and stands to receive about HK$21.8 billion from the disposal.