New World to Buy Back Dollar Bonds in Bid to Boost Finances (2)

New World Development Co. plans to buy back seven of its dollar bonds in a bid to strengthen its finances amid a long-running slump in China’s property sector.

The company said the purchase is intended to optimize the cost of its capital and debt profile, according to a statement to the Hong Kong stock exchange. The maximum acceptance amount is set at $600 million and the tender offer will expire at 4:00 p.m. London time on Dec. 1, with the result to be announced Dec. 4.

Most of New World’s bonds climbed after the announcement. Its 4.5% notes due 2030 ...