New World plans HK$25 billion rights issue, Cheng family underwriting offering: sources

Hong Kong property developer New World Development plans to raise about HK$25 billion (US$3.19 billion) through a rights issue, with the Cheng family underwriting the offering as the debt-laden company seeks to strengthen its balance sheet, according to people familiar with the matter. HSBC was arranging the fundraising, which was expected to carry a steep discount to the prevailing share price, s