Billionaire Cheng Family Boosts Stake in Beaten-Down New World
- Property developer’s shares touched a 20-year low this week
- Family bought shares for about $2.2 million through entity
This article is for subscribers only.
Hong Kong billionaire Henry Cheng’s family increased its stake in New World Development Co. in the latest show of support for the debt-laden property developer, whose shares reached a 20-year low this week.
The family purchased a total of 1.6 million shares on Tuesday and Wednesday for HK$17.2 ($2.2 million) through Chow Tai Fook Capital Ltd., filings showed Thursday.