New World Development (HKG:0017) is in talks to transfer all the equity stake it holds in Kai Tak Sports Park to substantial shareholder Chow Tai Fook Enterprises, a Thursday bourse filing said.
Kai Tak Sports Park is currently owned 75% by a unit of New World Development and 25% by a subsidiary of conglomerate NWS (HKG:0659).
No formal agreement has yet been entered into between the parties and the disposal is subject to further negotiation and any necessary regulatory approvals.
Shares of property developer New World Development closed nearly 3% higher on Thursday.
Price (HKD): $8.19, Change: $+0.20, Percent Change: +2.50%
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