Chow Tai Fook Enterprises to acquire a 97% stake in NWS for $4.53bn.

Chow Tai Fook Enterprises, a conglomerate with holdings in the jewellery, property development, hotel, department store, offered to acquire a 97% stake in NWS for $4.53bn. New World Development is set to bag as much as $2.78bn from the sale of a construction subsidiary to its major shareholder, in a buyout deal that would help it cut debt and pay a special dividend.