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1 Feb

New World Group welcomes New Budget

New World Development Company Limited ("NWD" or "The Group"; Hong Kong stock code: 17) General Manager Gary Chen welcomed Financial Secretary John Tsang's budget announced this morning, lauding the housing and land supply measures stipulated in the budget speech will ensure the steady development of Hong Kong property market.

He said the Group will launch four new residential projects this year with a total of 1,198 units put on the market, which include The Signature in Tai Hang, Che Kung Temple Station Project in Sha Tin, Tuen Mun Heung Sze Wui Road Project and Tong Yan San Tsuen Project in Yuen Long (Phase 1 - site B).

The Group will also roll out 3,842 units from our joint venture projects this year, including Chatham Gate in Hung Hom, Lok Wo Sha Project in Ma On Shan and Tai Tong Road Project in Yuen Long. The two groups of projects bring the number of flats launched to 5,040 units in total.

New World Development Company Limited

New World Development Company Limited ("The Group"; Hong Kong stock code: 17) is a leading conglomerate based in Hong Kong. The Group was founded in 1970 and publicly listed in Hong Kong in 1972. It is a constituent stock of the Hang Seng Index with a total asset value of HK$229.1 billion as at end of June 2011.

For more than four decades, the Group has expanded from a single focus on the property business to four core areas: property, infrastructure, service and department store. As at 30 June 2011, the Group has an effective interest of approximately 59.8% in NWS Holdings Limited (Hong Kong stock code: 659), approximately 70.0% in New World China Land Limited (Hong Kong stock code: 917) and approximately 72.3% in New World Department Store China Limited (Hong Kong stock code: 825).