New World Development Business Update – February and March 2026
.jpg "K11 MUSEA is currently undergoing a brand portfolio expansion, refreshing more than 30% of its retail area, with over 60 brands making their K11 MUSEA debut.")
.png "New World Development recently won six awards at the “HR Excellence Awards 2025/26”, organised by the Hong Kong Institute of Human Resource Management.")
New World Development Company Limited (“New World Development” or the “Group”, Hong Kong Stock Code: 00017) officially unveiled New World 188, its first large-scale city-industry integrated development in Shenzhen, further expanding the Group’s footprint in the Guangdong-Hong Kong-Macao Greater Bay Area. The first phase of the residential component, named WELLSPRING, is set to launch this quarter. The first batch, comprising approximately 300 units, will feature primarily large units of three bedrooms or above, creating ideal residences for urban elite families and multi-generational households.
Chinese Mainland Business
WELLSPRING Makes Highly Anticipated Debut, Featuring a 40% Community Greening Ratio
New World China has long been actively promoting the city-industry integrated development model. Building on its commercial and residential development capability, the Group incorporates diverse industries, such as healthcare, education, elderly care and technology, to create high-quality integrated communities. Projects such as the Wangjiang New Town Project in Hangzhou serve as successful examples of this city-industry integration concept.
New World China’s first large-scale city-industry integrated project in Shenzhen—New World 188—was officially unveiled last month. As the Group’s latest contribution to Shenzhen’s urban development, the project has a total construction floor area of approximately 9.7 million square feet. It encompasses over 2.3 million square feet of office space, more than 10 residential towers, a themed shopping street, a kindergarten, a comprehensive health service centre, a cultural event centre and a large underground car park, forming a diverse, well-rounded hub. The project is conveniently located next to Yonghu Station on Metro Line 3 and is currently one of the largest and leading city-industry integrated developments in Shenzhen East.
The first phase of the residential project, named WELLSPRING, consists of four residential towers with over 1,140 units. It focuses on larger three- to five-bedroom units with saleable areas ranging from approximately 820 to 1,940 square feet. The community boasts a greening ratio of up to 40% and will feature themed gardens and about 28,000 square feet of public space. Approximately 300 units will be launched in its first batch this quarter, targeting urban elite families and multi-generational households.
Mainland K11’s Apparel and Digital Retail Categories Record Strong Sales Growth
On the retail front, K11 in Chinese Mainland delivered solid performance during the Chinese New Year period. A number of key projects witnessed 10% year on year increase in average footfall, with the apparel and 3C digital retail categories performing particularly well, recording year-on-year sales growth of 28% and 25%, respectively. A special theme showcasing Lingnan intangible cultural heritage was curated at Guangzhou Hanxi K11 during the festive period, helping to drive a 50% increase in visitors. Guangzhou K11 welcomed the opening of more than 10 new stores, boosting Chinese New Year footfall by nearly 30% year on year. K11 ECOAST collaborated with Hong Kong Disneyland to create new Chinese New Year-themed installations, attracting average daily footfall of nearly 150,000 visitors. The number of new members acquired at Shanghai K11 during the festive period also grew by over 100% compared with the same period last year. Wuhan K11 is expected to welcome 13 new store openings this quarter, spanning lifestyle and fragrance brands, and a diverse range of food and beverage offerings, enriching the mall’s retail and dining choices for customers.
Hong Kong Business
GRAND AUSTIN BOHEMIAN Sells Out All Units on Launch Day
In the Hong Kong property market, the Group’s BOHEMIAN COLLECTION series continued to be in high demand. GRAND AUSTIN BOHEMIAN, located in the West Kowloon High-Speed Rail and cultural hub, was officially launched last month. All 64 units were snapped up in the first round of sales, underscoring strong market recognition of the Group’s premium residential projects.
The Group’s international cultural-retail landmark, K11 MUSEA, is currently undergoing a brand portfolio expansion, refreshing more than 30% of its retail area, with over 60 brands making their K11 MUSEA debut. Upon completion of this year’s brand portfolio expansion, rental income for the upgraded retail area is expected to record double-digit year-on-year growth. First-tier luxury brands, either newly introduced or expanded, include Audemars Piguet, Rolex, Prada, Dior Beauty and LOEWE, etc. These additions will further strengthen the market appeal of the K11 brand.
K11 MUSEA has maintained an impressive occupancy rate of 98%. During this year’s Chinese New Year golden week, the mall recorded record-high footfall and a year-on-year increase of approximately 60% in tourist spending. This helped make February the month with the highest tourist spending in more than two years, with a year-on-year increase of 80%.
The Group Receives Six Honours from the HKIHRM
New World Development recently won six awards at the “HR Excellence Awards 2025/26”, organised by the Hong Kong Institute of Human Resource Management (HKIHRM). The awards, known as the “Oscars of the Human Resources Profession” in Hong Kong, represent prestigious and authoritative recognition within the industry. This achievement reflects the Group’s outstanding performance in human resources management. The Group also received two awards—the “Premier People Team Award” and the “Most Popular Employer – Property Development”—at “The Hong Kong HR Award 2025/26”, organised by Jobsdb by SEEK. Furthermore, the Group was selected as a member of the S&P Global Sustainability Yearbook 2026, marking its continued inclusion since 2021 and ranking it among the top 15% of the global real estate industry. This demonstrates that the Group’s commitment to sustainable development has gained wide international recognition.