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10 Dec

New World Development Acquires the Full Interest in Discovery Park Shopping Mall

New World Development Company Limited ("the Group" or "NWD"; Hong Kong stock code: 17) today announced that its wholly owned subsidiary, Bright Scope Holdings Limited, has entered into an agreement with HK Resort International Limited and HKR International Limited (Hong Kong stock code: 480), in purchasing the remaining 50% interest in Discovery Park Shopping Mall ("the Mall") and its 1,000 car parking spaces. Upon completion, the Mall will be wholly owned by the Group.

Dr Henry Cheng Kar-Shun, Managing Director of NWD, stated that the acquisition is of best interest to the Group and will add value for shareholders, "Acquiring the remaining 50% interest of the Mall is in line with our investment strategy and will strengthen our investment property portfolio. It also demonstrates our strong confidence in the retail business in Hong Kong. We will continue to invest to upgrade the facilities and services, enhance the variety of the retail stores and entertainment facilities in the Mall with an aim to further enhance its competitiveness, and bring an extraordinary shopping experience and quality services to customers."

Opened in 1997, Discovery Park Shopping Mall, with a total GFA of around 470,000 sq ft, is one of the shopping malls with the largest GFA in Hong Kong. Located at prime location in Tsuen Wan, it is connected with the footbridge of the Tsuen Wan MTR station. The spacious mall provides a 100 ft wide shopping gallery and giant stained glass canopy which shows the painting of the beautiful views of the four seasons. Themed as "shopping park", the Mall is renowned for its extensive variety of products for children. Together with the "Food Street", the Mall is a centerpiece combining shopping, entertainment and dining. The convenient location of the Mall also attracts a number of grand finale dinner for popular TV drama and autograph concerts of popular singers. The Mall is located between the prosperous West Kowloon and the fast developing New Territories. With the opening of the Hong Kong-Shenzhen Western Corridor, the expansion of the Tsuen Wan commercial district and the convenience brought by the comprehensive parking facilities to drivers, it not only boosts the retail performance of the district, but also attracts travellers and shoppers from Hong Kong Island and Kowloon.

The vivid retail performance stimulates the strong leasing demand for retail premises. The acquisition demonstrates the Group's optimism in the retail industry. During the time when the Group launched the innovative K11 Art Mall and the redevelopment project of the New World Centre, the acquisition of the full interest of Discovery Park Shopping Mall will strengthen the development of the Group's core property investment business.

Dr Cheng added, "The acquisition also helps increase the synergy among different Group companies and our core businesses. As such, the Group is able to utilize our strength in various businesses and generate growth."