New World Development Co Ltd (NWDA.BE)

New World Development set for windfall as unit gets $4.5 billion buyout offer

Chow Tai Fook Enterprises (CTFE), which holds about 45.2% of NWD shares, has offered to buy roughly 97% of NWS Holdings stock for up to HK$35.47 billion ($4.53 billion), the parties said in a joint statement. Hong Kong developers enjoyed decades of lucrative returns in one of the world's most expensive property markets, but have had to contend with falling sales and rent in recent years both at home and in mainland China as well as rising interest rates. To improve portfolios, both New World Development and NWS Holdings have been disposing billions of dollars non-core assets.