New World Development (stock code: 17) announced in January its plan to privatise its 69% owned, listed subsidiary New World China Land (stock code: 917) by way of a voluntary general offer. This is different from the previous attempt at privatisation in May 2014, where a scheme of arrangement was used. The previous attempt failed because a majority of the voting disinterested shareholders (not: number of shares) voted against it, on the basis of the Victorian-era “headcount test” which is still applicable in the Cayman Islands (where NWCL is incorporated). This time NWD’s privatisation attempt of NWCL will not be subject to it. However, 90% of NWCL’s disinterested shareholders would need to take up the offer in order to effect privatisation under the Hong Kong Takeovers Code. On the final closing date, there were over 98% of acceptances. Pending regulatory procedures, withdrawal of listing is scheduled to take place in August 2016.