HK developer New World Development may bag $2.78b as arm gets buyout offer

HK developer New World Development may bag $2.78b as arm gets buyout offer

A general view of developer New World Development's office tower, K11 Atelier King's Road, in North Point of Hong Kong, China February 2, 2023. REUTERS/Clare Jim

New World Development (NWD) is set to bag as much as HK$21.78 billion ($2.78 billion) from the sale of a construction subsidiary to its major shareholder, in a buyout deal that would help it cut debt and pay a special dividend.