goldengate is right. There is nothing illegal about Intel buying the shares in the open market. In fact it would be a very wise decision. I don't know if they are doing it though. If they bought a lot of shares then it would narrow the spread of course.
You may all be interested in today's (6/3/15) articles in WSJ on real estate values in Hong Kong. It is in the "Money and Investing" section. There are several articles in the section. Here's one: http://www.wsj.com/articles/in-hong-kong-the-apartments-are-fit-for-a-mosquito-1433237582?mod=trending_now_2
To be sure, NTP's Shenzhen property (separated by about 30 miles from Hong Kong) is no Hong Kong, but it may give investors some clue as to how much NTP's property is worth.
As you states, so far it looks the tender may be oversubscribed. However, I have a substantial position and do not intend to tender any of my shares, so if there are others like me then it may not get oversubscribed. I believe Kellogg and Koo, who together own over 40% of the shares, know more than the folks who are trading NTP. I would rather stick with them. I hope that NTP ends up buying its full intended 3 million shares for $5.50. That will increase my stake in this very inexpensive company. After the tender, what will happen to the stock price? I lost my crystal ball so I have no idea. I also don't really care though since I plan to hold on until at least 2017. Are we masters of our emotions or are our emotions our masters?
It is usually humbling to make short term predictions because often they end up not coming true. But lets have some fun anyway. I think NTP will end up buying very few shares in the tender (ie: less than 500,000 shares). Most shareholders will not tender and the offer will be undersubscribed. The market price will go above $5.50 by the end of May.
Newjersey, from your brief post, it appears you are a trader and have very little knowledge of this company. For the sake of your financial well being, you should cover as soon as possible. You may be right - the company will not end up buying many shares in the tender. It will be because the market price will rise above $5.50 and very few people will end up tendering their shares. Good luck!