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8 Aug

New World Development Company Sells Non-Core Properties

New World Development Company Limited (“NWD” or the “Group”; stock code: 0017) announces that the Group has disposed of some HK$2.3bn consideration of non-core properties in FY2019.

The Group has always followed its established strategy in disposing of non-core properties in order to optimise assets and business portfolios. The two completed transactions of non-core properties in FY2019 include two industrial projects with a total of 160,000 sq ft. at Tsun Yip Street, Kwun Tong. In addition, the disposal of 169 carpark spaces at Riviera Gardens, Tsuen Wan was completed and a preliminary SPA was signed, with deposit paid, for a commercial property on Hong Kong Island.

Furthermore, the Group will continue to actively dispose of non-core properties, and the related work is already under negotiation.

In order to maintain a steady income, the Group will continue to review its business, closely monitor market development, and optimise its asset portfolio.

New World Development expects that the coming full operation of Victoria Dockside, its flagship commercial complex with a total GFA of approximately 3 million sq ft. in the core area of TST, will further enhance the Group’s recurring cash flow and corporate value.