UPDATE 1-New World discusses stake sale in HK's new flagship stadium with parent

Reuters09-26

(Updates with further details and background)

Sept 26 (Reuters) - Debt-laden New World Development

is in talks to offload its entire stake in a multi-purpose sports venue in Hong Kong to the conglomerate's parent, Chow Tai Fook Enterprises, it said on Thursday.

In a separate announcement, the developer appointed Ma Siu-Cheung as its top boss to replace Adrian Cheng - the third-generation scion of the firm's founding family.

New World suspended trading in its shares earlier in the day before making the announcements. The firm has applied to the Hong Kong bourse to resume trading from Friday.

Kai Tak Sports Park, initially set for completion in June 2023 but delayed due to COVID-19, is now expected to open next March, the city's sports minister said earlier this month.

The HK$30 billion ($3.86 billion) multi-purpose sports venue is Hong Kong's new flagship stadium, operated by Kai Tak Sports Park Ltd, 75% owned by a New World unit.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore)

((Rishav.Chatterjee@thomsonreuters.com;))

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