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9 Dec

Another step to enhance New World Group’s China asset portfolio; Entered to the Joint Venture arrangement in respect of the development of high quality land parcels in Prince Bay, Shenzhen

New World Development Company Limited (The “Group”; stock code: 00017) is pleased to announce that, the Group has entered to the Joint Venture arrangement in respect of the development of four high quality land parcels in Prince Bay, Shenzhen (namely GL Land, ER Land, SD Land and LW Land). Upon completion of the acquisitions and the capital Injections, the joint ventures, owned by New World China Land Limited, a wholly-owned subsidiary of the Group, and a wholly-owned subsidiary of China Merchants Shekou Industrial Zone Holdings Co Ltd, is responsible for the project development.

Following the acquisition of the commercial project in Guiwan area of the core financial business district in Qianhai, Shenzhen in August 2016, the Group has won another important project in the core area of one of the key cities in Mainland China. This investment reflects the full confidence of the Group and its substantial shareholders, the Cheng’s family, towards the development outlook of the Nation.

“The Group once again successfully bid for the high-quality land parcels in the core area of Shenzhen, reflecting our determination to enhance our asset portfolio and further strengthen the brand position of New World in Mainland China. Our team will optimize the spirit of The Artisanal Movement into the new projects to create values for the Group and our stakeholders.” claimed Mr. Adrian Cheng, Executive Vice-Chairman and Joint General Manager of New World Group.

The Cheng’s Family has been optimistic about the economic prospects of Mainland China, and is always confident on the development of the PRC. Dr. Henry Cheng, Chairman of the Group, has also emphasized, on several occasions, that the Group is strived to enhance the business in Hong Kong and the PRC, reflecting the values that the Group is concerned about the business development in Mainland China. As the Group’s property development and investment flagship in Mainland China, New World China Land Limited will strengthen the key real estate project development with enormous potential in Mainland China.

The following is an outline of the projects:

Land parcel

Group
interest
(%)

Site area
(sq.m)

Maximum
plot ratio

Planned usage

GL Land (DY04-01)

51%

32,581.85

3.85

Long-term commercial properties
held for investment purposes

ER Land (DY04-04)

51%

33,349.39

2.89

SD Land (DY02-02)

49%

13,951.80

5.73

A mixture of commercial/ office/
service apartment properties
held for sale purposes

LW Land (DY02-04)

49%

14,054.52

5.69

 

The projects are located in Prince Bay, a starting point of the development masterplan of the area of Shenzhen Shekou Free Trade Zone with mature infrastructure support. In order to achieve the rapid development of modern service industries in western Shenzhen, and enhance the status of Shenzhen and the Guangdong – Hong Kong – Macau regions as an internationalized cities, Prince Bay combines the National strategy of “One Belt One Road” and the concepts of world-class cruise homeport, and will develop into the ocean gateway for Shenzhen that connecting Hong Kong and facing the world.

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Founded in 1970, New World Development Company Limited (“The Group”, Hong Kong stock code: 00017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality defined by The Artisanal Movement, New World Group’s core business areas include property development, infrastructure and services, department stores and hotels. As of 30 June 2016, the total asset value of the Group amounted to HK$392.1 billion. The Group has an effective interest of approximately 61% in NWS Holdings Limited (Hong Kong stock code: 00659), approximately 72% in New World Department Store China Limited (Hong Kong stock code: 00825). New World China Land Limited is wholly owned by the Group.