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15 Dec

Appointment of Senior Executives at New World Group

New World Development Company Limited (the "Group" or "NWD"; Hong Kong stock code: 17) announces that Mr Stewart Leung Chi-kin, Executive Director and Group General Manager, and Mr Alex Chow Yu-chun, Group CFO are going to retire from the Group from 1 January, 2011 while Mr Chow Kwai-cheung, General Manager - Project, will retire from 1 March, 2011.

From 1 January 2011, Mr Stewart Leung will be appointed as a Non-executive Director and Principal Adviser of the Group. Mr Chen Guanzhan has been appointed the General Manager while Mr Wong Man-hoi, Head of the Legal Department, will be the Company Secretary.

Mr Chen Guanzhan has over 10 years of experience working at government departments, with strong coordination and organization skills. He has been the Division Chief and held offices in various departments at the Guangzhou Municipal People's Government. Mr Chen joined Yue Xiu Enterprises (Holdings) Limited in Hong Kong in 2004 and had been the General Manager in Personnel and Administration Office and Capital Department and its Deputy General Manager. He had also been the General Manager of Yue Xiu Finance Company Limited, President of Yue Xiu International Development Limited, Executive Director of Hong Kong listed GZI Transport Limited, etc. He has extensive experience in administration, corporate management, and capital management in property investment and leasing, infrastructure and services with a strong theoretical and practical foundation.

Mr Wong Man-hoi has joined New World Group for over 10 years. He has been a qualified solicitor in Hong Kong since 1994 and is a member of the Law Society of Hong Kong. Before joining the Group, Mr Wong worked as a solicitor in Deacons, specializing in real estate practice.

Mr Au Tak-cheong, Deputy CFO, will take up Mr Alex Chow's role of CFO. Mr Au has been in the Group for 34 years and has substantial experience in the area of finance and accounting.

Mr Chow Kwai-cheong will remain a Non-executive Director of the Group. A suitable successor with the same extensive experience in project management and construction has been recruited to take up the role of General Manager - Project and will report duty in February 2011.

Dr Henry Cheng Kar-shun, Managing Director of NWD, expects the new senior executives will bring new motivation to the Group's management, "The new talents wouldbring innovative ideas and management style so as to further enhance the management quality and competitiveness of the Group. We hope the succeeding senior executives will turn a new page and scale new heights for the Group."