Triple Wise buys farmland

Property developer New World Development is teaming up with controlling shareholder Chow Tai Fook Enterprises for a joint venture in Fanling. Their equally owned company Triple Wise Investment agreed to set up a joint venture with Asean Resources Holdings (ARH) to acquire 684,264 square feet of agricultural land for residential use from ARH for HK$300 million. Triple Wise will own an 80 per cent stake in the joint venture, while ARH will own the remaining 20 per cent.