Peter Cheng Kar-shing, a son of New World Development chairman Cheng Yu-tung, has emerged as a potential white knight for debt-ridden property company Chi Cheung Investment.
Chi Cheung yesterday said Peter Cheng was leading a consortium offering to buy a controlling stake in the company, which may or may not lead to a general offer.
However, it stressed the consortium had nothing to do with New World and its subsidiaries and that Mr Cheng was conducting the deal in 'his personal capacity'.
Mr Cheng, the younger brother of New World managing director Henry Cheng Kar-shun, is a director of various privately held and listed companies under the New World umbrella.
These include New World Hotels (Holdings), New World Services, New World Development (China) and the listed New World Infrastructure.
Plagued by the financial troubles of substantial shareholder Paliburg Holdings, Chi Cheung has a limited portfolio of assets including a 51 per cent stake in real estate agency Ricacorp Properties and an office floor at 9 Queen's Road, Central.
Chi Cheung said investment bank DBS Asia, acting on behalf of the consortium, submitted the proposed offer last Thursday - the day Chi Cheung shares saw heavy trading which led to its subsequent suspension the following day. .
