New World catches fallout from crackdown

New World Development and New World China Land saw their shares fall slightly yesterday after the group confirmed that three of their sites in Beijing were listed as idle by the Ministry of Land and Resources. New World Development fell 0.14 per cent to HK$14.38 and its mainland property unit fell 0.36 per cent to HK$2.78. As part of the crackdown on developers that leave sites idle for speculative land banking purposes, the ministry identified 1,457 unused plots and passed the list to the China Banking Regulatory Commission to conduct risk assessments on the companies involved.