BUZZ-Hong Kong's New World Development jumps most in 26 years after CEO resigns

Reuters09-27

** Shares of property developer New World Development

jump 20.9% to HK$9.9, on track for biggest one-day pct rise since January 1998, after the resignation of CEO Adrian Cheng

** Stock hits the highest since May 23, top pct gainer in the Hang Seng Index and Hang Seng Property Index , which rise 2.4 and 2.5%, respectively

** Shares were suspended from trading on Thursday, pending the release of the management changes

** Adrian Cheng, the third-generation scion of the firm's founding family, has resigned and will be replaced by its chief operating officer, New World said

** Co reported a net loss of HK$19.7 bln ($2.53 bln) for the financial year ended June

** New World said it was in talks to offload its entire stake in a multi-purpose sports venue, Kai Tak Sports Park, in Hong Kong to the conglomerate's parent, Chow Tai Fook Enterprises

** The Hang Seng Commerce & Industry Index jumps 3.2% and the Hang Seng Mainland Properties Index surges 2.8%

** Shares of New World down 19.1% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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