sentences:  However, the shares of the successor of New World Mobile Holdings, CSL New World Mobility, was sold by New World Development to Hong Kong Telecom, a subsidiary of PCCW in 2013.In February 2016, New World Telephone Holdings sold New World Telecommunications and other businesses in Hong Kong, Macau and Shenzhen to its competitor Hong Kong Broadband Network (HKBN) for HK$650 million; the latter was disinvested by local telecommunication tycoon Ricky Wong in 2012.It was reported that the takeover of New World Telecommunications was a leverage buyout, which was financed by a borrowing from JPMorgan Chase for 5 years by HKBN.