New World to spin off unit
Article Abstract:
New World Development Co has announced plans to go public in an effort to raise $400 million. Although the details of the planned initial public offering have not yet been released, sources claim that it is likely to take place in July 1999 when its application for a listing on the Hong Kong stock exchange is expected to be approved. As one of the largest foreign investors in China, New World boasts of more than $1 billion investments in power stations, toll roads and housing projects. The company is also recognized as one of the largest real estate developers in Hong Kong.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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Bad news may be good for Hong Kong property stocks
Article Abstract:
The stock prices of the Hong Kong property sector have been in steady decline as a result of a number of problems including project delays, controversies in debt levels, high interest rates, and plummeting property prices. The trends may be a good chance for investors to purchase blue chip property stocks such as Cheung Kong Holdings and New World Development at low prices. However, analysts caution potential investors that prices have not bottomed out yet and predicts another 20% decline in present levels.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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New World places its stake in Beijing North Star
Article Abstract:
New World Development Co., a Hong Kong company, placed its entire 179.9 million shares into Beijing North Star Co. Although the IPO price was HK$2.40 per share, the shares were placed at HK$1.83 per share, reflecting a loss in the investment. It is believed that New World plans to use the funds to reduce its HK$27.8 billion debt and 48% debt-to-equity current ratio.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 2001
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