New World Development hits near 9-month high on report of take-private deal talks

New World Development

07/08/2025 05:02

** Shares of New World Development 0017.HK jump as much as 16% to HK$7.52, their highest level since November 13, 2024

** Shares up following a media report on a potential take-private deal

** Stock of the cash-strapped Hong Kong property developer marks its biggest one-day pct rise since September 27, 2024 and on course for a second session of gains

** Top pct gainer on Hang Seng Composite Index that tracks properties and construction stocks .HSCIPC, which rises 2.1%

** Financial news provider Octus reported on Wednesday that the developer, along with its controlling Cheng family, have been in discussions with U.S. private equity firm Blackstone BX.N regarding a potential financing deal of up to $2.5 billion, which could result in a joint take-private offer

** New World did not immediately respond to a Reuters request for comment, while Blackstone could not be immediately reached for comment

** Hang Seng Property Index .HSNP surges 2.2%, benchmark Hang Seng Index .HSI climbs 0.5%

** YTD, stock up 44.2%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))