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New World China Land shares up 31 pct as parent plans to take it private
March 14, 2014 / 1:36 AM / 4 years ago

New World China Land shares up 31 pct as parent plans to take it private

HONG KONG, March 14 (Reuters) - Shares in New World China Land Ltd were set to jump 30.9 percent when trade resumed on Friday after its parent, New World Development Co Ltd , said it planned to take it private at a 32 percent premium to the previous closing price.

Hong Kong developer New World Development said it would take its flagship property arm in China private for HK$18.6 billion ($2.4 billion) with the aim of simplifying the group structure and creating more flexibility for it to manage the business of the China-focused property unit.

Trading in both companies has been suspended since Tuesday.

Reporting By Yimou Lee; Editing by Paul Tait

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