New World Development Business Update – May 2026
New World Development Company Limited (“New World Development” or the “Group”, Hong Kong Stock Code: 00017) has delivered a solid performance in its commercial and retail businesses in the Chinese Mainland. The office tower of K11 ELYSEA, a large‑scale integrated development in Shanghai, recorded a pre‑leasing rate of nearly 70%, reflecting a strong market response. Tenants are expected to begin moving in starting in October this year.
Chinese Mainland Business
Shanghai K11 ELYSEA office pre-leasing nears 70%
K11 ELYSEA in Shanghai is situated in the core area of Huaihai Road, often referred to as the “Oriental Avenue des Champs-Élysées”. It comprises cultural-retail, art and cultural spaces, and an office tower, offering a total gross floor area (GFA) of nearly 1.4 million square feet. It creates a synergistic “Twin Beacon” effect with the adjacent Shanghai K11.
The office component, K11 ATELIER Huaihai, is a new commercial development in Shanghai’s core business district, with approximately 300,000 square feet of GFA across 25 storeys. Since its launch for leasing, the project has attracted strong market interest. As of May this year, its pre-leasing rate was close to 70%. Built to China’s Three-Star Green Building Standard, the project has received multiple architectural awards and green building certifications, attracting leading enterprises from sectors such as retail, legal, consultancy and finance, and further reinforcing its positioning as a premium business hub.
K11 ECOAST records nearly 150,000 average daily footfall, a new high for the year
During the Labour Day Golden Week, K11 projects across the Chinese Mainland recorded growth in both footfall and sales. Shenzhen K11 ECOAST hosted the 2nd Cultural Festival by the Sea and presented the Greater Bay Area debut of acclaimed French productions L’Homme‑Oiseau et son Chimère Orchestra and Crieur de Feu. The programmes attracted average daily footfall of nearly 150,000 during the period, marking a new high for the year.
Guangzhou Hanxi K11 also emerged as a popular cultural and leisure destination over the holiday. Driven by a series of family, art and cultural programmes, footfall during the Labour Day Golden Week increased by 30% month on month, with car arrivals rising by nearly 57%. Overall sales recorded a month‑on‑month increase of 63%, with average retail sales growth reaching 104%.
The Group’s two K11 projects in Wuhan continued to be popular among young consumers. At Wuhan K11 in Hankou, the introduction of various trendy new brands this year has driven year-on-year sales growth of over 450% in the fashion retail and 75% in the leisure and entertainment categories. As the go-to cultural landmark for Gen Z customers, Wuhan Guanggu K11 in Wuchang hosted esports-themed events over the Labour Day Golden Week, driving year-on-year footfall growth of over 30% across its food and beverage and entertainment outlets.
The Group’s first large-scale city-industry integrated project in Shenzhen, New World 188, has attracted considerable interest since its unveiling. With its comprehensive master planning and design, WELLSPRING, the first-phase residential component, became the first project in Eastern Shenzhen to record more than 100 units sold at launch following the recovery in the property market, emerging as a market leader in Longgang. In addition, Shenyang THE PARKSVILLE rolled out new unit types to meet demand from buyers seeking a premium living environment. Sales from the initial launch phase reached RMB240 million, ranking first in private residential sales in Shenyang in May.
Hong Kong Business
K11 MUSEA showcases upgraded luxury brand presence ahead of Golden Week
The Group’s retail business in Hong Kong delivered equally strong results, with K11 Art Mall maintaining its long-standing 100% occupancy rate and K11 MUSEA recording an occupancy rate of close to 98%. Ahead of the Labour Day Golden Week, many international luxury brands at K11 MUSEA completed relocations and upgrades and reopened with refreshed concepts. These include Balenciaga’s first duplex store in Hong Kong, Delvaux’s new flagship and Tory Burch’s largest boutique in Hong Kong. A selection of premium lifestyle labels also unveiled new stores, including SHIRO, a renowned fragrance brand. New arrivals in the second half of the year include Prada and Miu Miu, poised to boost overall visitor spending even further.
The Group’s data show that during the first four days of the Labour Day Golden Week, tourist spending at K11 MUSEA increased 125% year on year, with the largest single purchase nearing HK$2 million. Among various categories, international luxury brands continued to deliver strong performance, with sales surging by nearly 200% year on year, while sales of watches and jewellery rose by nearly 90%. General categories, such as beauty and sports, together with newly opened restaurants, recorded double‑digit year‑on‑year growth, reflecting the continued success of K11 MUSEA’s brand upgrade programme.
In the residential segment, the ultra‑luxury project PAVILIA ROSA, located in a prime, low‑rise heritage neighbourhood in the heart of Kowloon, has attracted strong market interest since its official naming, and its sales arrangements have now been released. The project offers a total of 109 residential units, comprising primarily spacious three‑ and four‑bedroom units as well as duplex units. A total of 65 low-rise units will be released for sale by tender starting this Thursday.
Jointly developed by New World Development and MTR Corporation, THE PAVILIA FARM, a landmark large-scale riverfront residential project atop Tai Wai Station, has continued to deliver strong sales momentum. Among the units sold by tender last month, a high-floor unit B in THE PAVILIA FARM I, with a saleable area of 1,363 square feet, offering a four-bedroom dual-en suite layout and a 960-square-foot rooftop with open views of the Shing Mun River, was sold together with two car parking spaces for over HK$56 million, or HK$41,086 per square foot, setting new records for both transaction price and price per square foot since the project was launched for sale as completed units. As of 31 May this year, THE PAVILIA FARM series had sold a total of 367 units, generating over HK$5.9 billion in revenue.