Hong Kong group acquires major stake in Huangzhou Ring Road

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    Hong Kong-based NWS Holdings (NWS) and New World Development (NWD) have signed an agreement to acquire 75% of Widefaith Group (Widefaith). Widefaith has…

    Hong Kong-based NWS Holdings (NWS) and New World Development (NWD) have signed an agreement to acquire 75% of Widefaith Group (Widefaith). Widefaith has an indirect stake in the company that operates the Hangzhou Ring Road.

    This US$400 million transaction is the final part of a four-stage acquisition. It brings an aggregate of 95% effective interest in the Hangzhou Ring Road and the total value of the deal to over US$1 billion.

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