UPDATE 1-New World discusses stake sale in HK's new flagship stadium with parent

Reuters

2024/09/26

(Updates with further details and background)

Sept 26 (Reuters) - Debt-laden New World Development

is in talks to offload its entire stake in a multi-purpose sports venue in Hong Kong to the conglomerate's parent, Chow Tai Fook Enterprises, it said on Thursday.

In a separate announcement, the developer appointed Ma Siu-Cheung as its top boss to replace Adrian Cheng - the third-generation scion of the firm's founding family.

New World suspended trading in its shares earlier in the day before making the announcements. The firm has applied to the Hong Kong bourse to resume trading from Friday.

Kai Tak Sports Park, initially set for completion in June 2023 but delayed due to COVID-19, is now expected to open next March, the city's sports minister said earlier this month.

The HK$30 billion ($3.86 billion) multi-purpose sports venue is Hong Kong's new flagship stadium, operated by Kai Tak Sports Park Ltd, 75% owned by a New World unit.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore)

((Rishav.Chatterjee@thomsonreuters.com;))

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The firm has applied to the Hong Kong bourse to resume trading from Friday.</p><p>   Kai Tak Sports Park, initially set for completion in June 2023 but delayed due to COVID-19, is now expected to open next March, the city's sports minister said earlier this month.</p><p>   The HK$30 billion ($3.86 billion) multi-purpose sports venue is Hong Kong's new flagship stadium, operated by Kai Tak Sports Park Ltd, 75% owned by a New World unit. </p><p> (Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore)</p><p>((Rishav.Chatterjee@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1230","symbol_name":"工业集团企业","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2470200001","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2470200001","pubTimestamp":1727343619,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"(Updates with further details and background)      Sept 26 (Reuters) - Debt-laden New World Development  is in talks to offload its entire stake in a multi-purpose sports venue in Hong Kong to the con","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1230":"工业集团企业","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","BK1216":"多样化房地产活动","00017":"新世界发展","BK1559":"蓝筹地产股","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","00659":"周大福创建"},"translate_title":"更新1-新世界与母公司讨论出售香港新旗舰体育场的股权","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00659":0.9,"00017":0.9},"content_text":"(Updates with further details and background)      Sept 26 (Reuters) - Debt-laden New World Development  is in talks to offload its entire stake in a multi-purpose sports venue in Hong Kong to the conglomerate's parent, Chow Tai Fook Enterprises, it said on Thursday.   In a separate announcement, the developer appointed Ma Siu-Cheung as its top boss to replace Adrian Cheng - the third-generation scion of the firm's founding family.   New World suspended trading in its shares earlier in the day before making the announcements. The firm has applied to the Hong Kong bourse to resume trading from Friday.   Kai Tak Sports Park, initially set for completion in June 2023 but delayed due to COVID-19, is now expected to open next March, the city's sports minister said earlier this month.   The HK$30 billion ($3.86 billion) multi-purpose sports venue is Hong Kong's new flagship stadium, operated by Kai Tak Sports Park Ltd, 75% owned by a New World unit.  (Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore)((Rishav.Chatterjee@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}