New World Development will issue 11 new shares for every existing share at an 81.5 per cent discount, exposing shareholders who do not participate to theoretical dilution of 75.3 per cent, as the indebted Hong Kong property developer seeks to raise HK$24.9 billion (US$3.2 billion) in a recapitalisation backed by its controlling Cheng family. The developer will offer the rights shares at HK$0.90 apiece, compared with Thursday’s closing price of HK$4.87 before trading in the stock was...