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New World China plans $600m rights issue

(Agencies)
Updated: 2009-10-10 11:48

New World China Land, the Chinese property arm of New World Development, is planning a rights issue to raise more than $600 million, three banking sources said on Friday.

Related readings:  New World China Land books 70% net profits increase  Leung quits New World China Land over job controversy

Trading in shares of New World Development and New World China Land was suspended on Friday afternoon, the Hong Kong exchange said.

No further details were immediately available.

Officials of both companies were not immediately available for comment.