New World Development subsidiaries self-financing

New World Development (NWD), Hong Kong's fourth largest property developer, fell out of favour with investors in recent years. The company, controlled by the Cheng family, has historically been pretty weak in the disclosure stakes and its costly diversification into new business areas attracted a fair degree of criticism.  Recently, there have been signs of change and, since reaching a low on 1 June, NWD's share price has risen almost 80% to HK$12.80 - a move that while significant le…