Cheng Yu Tung
Hong Kong's third-richest man owns 89.5 percent of Chow Tai Fook Jewellery Group, the largest jeweler in China and Hong Kong. Through Chow Tai Fook Enterprises, his closely held investment company, Cheng also controls New World Development Co., a land developer with holdings in hotels, retail, infrastructure and public transportation.
Asia’s benchmark stock index fell the past five days to the biggest two-week loss since June as Chinese shares traded in Hong Kong entered a bear market and the Federal Reserve gave a timetable for raising interest rates.
Billionaire Cheng Yu-tung’s New World Development Ltd. offered HK$18.6 billion ($2.4 billion) to take its China property unit private after shares in the arm traded below net asset value for more than six years.
Hong Kong stocks fell, with a gauge of Chinese shares listed in the city touching a 20 percent decline from a Dec. 2 peak, after brokerages from UBS AG to Bank of America Corp. cut China growth forecasts amid further signs of an economic slowdown.
NWS Holdings Ltd., controlled by Hong Kong billionaire Cheng Yu-tung, agreed to buy a stake in the operator of China’s biggest airport from sovereign-wealth fund GIC Pte, betting on a surge in travelers.
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Dollar-denominated bonds sold by Asian issuers are outperforming local-currency offerings by the most since at least 2000 after a selloff in emerging markets. New World Development Co. is planning a sale of dollar debt.