Mar. 6, 2007 (China Knowledge) – New World Development Co. Ltd. <17> has announced plans to list its retail arm, New World Department Store China Ltd. (NDWS), having submitted its IPO application to the Hong Kong Stock Exchange.

In a statement released on Monday, New World Development said that approximately 25% of its stake will be offered to investors.

The targeted amount to be raised has yet to be announced, but proceeds will be used for its operations and investment opportunities, as well as to increase the operational and financial transparency of NDWS.

NDWS operates a large network of department stores in the Mainland, including the New World department stores in Shanghai. NDWS also provides management consultancy services to other department stores owned by independent third parties.