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New World Developmenti

New World Development is a Hong Kong conglomerate that deals in property, infrastructure, transport and telecommunications. It is owned by Chow Tai Fook, a holding company led by businessman Cheng Yu-tung.

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  • Some 238 of 336 units available at Uptown East in Kowloon Bay, worth about HK$1.4 billion, found buyers as of 6pm on Sunday
  • The units range from studios to two-bedroom flats, with prices from HK$3.73 million to HK$8.89 million after discounts

Hong Kong’s largest developer by market capitalisation is being tipped by analysts to emerge as the ‘prime beneficiary’ of the city’s removal of all property cooling measures.

New World Development has agreed to sell its shopping centre and parking spaces in Tsuen Wan to Chinachem Group for US$510 million, speeding up asset sales to trim its financing costs.

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NWD plans to launch 2,500 units ahead of schedule to capture the improved sentiment unleashed by the withdrawal of all property curbs in Hong Kong after posting a profit decline for the six months ending on December 31.

City leader John Lee is the only government official set to contribute extra to public coffers under finance chief’s plan to introduce two-tiered standard rates tax regime.

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The family of Henry Cheng, Hong Kong’s third-richest person, wants to replace CEO Peter Lau with Colin Currie and also appoint two of Henry’s children, Sonia and Christopher, as non-executive directors.

A HK$10 billion property development venture in the city’s Northern Metropolis indicated Beijing-controlled China Resources Land’s support for Hong Kong’s economic development, the chief of the state-backed company said.

The state-controlled conglomerate joined forces with Hong Kong’s New World Development on a venture worth US$1.28 billion in the city’s Northern Metropolis mega project, according to sources familiar with the matter.

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Hong Kong is gearing up to host the 17th Asian Financial Forum 2024, the first major international financial and business event of the year, aimed at highlighting the city’s significance as an international financial centre.

Hong Kong developer bought back 15 per cent of its existing dollar-based bonds. Investors holding its notes maturing in 2029, and perpetual securities issued in 2021, offered to sell the biggest chunks.

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Conroy Cheng, Chow Tai Fook’s vice-chairman and nephew of Henry Cheng, said there was no discord or disputes in the family over succession plans following an interview by the patriarch last week.

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Hong Kong developer, controlled by the city’s third-richest Cheng family, offers to buy back US$600 million of its bonds at above market prices to trim its debt load. It completed a US$2.8 billion asset sale this week.

Facing low foot traffic and a surge in cross-border shopping, New World Development and Nan Fung Development are among the landlords experimenting with new concepts to catalyse a rebound.

Buyout by family led by billionaire Henry Cheng will see New World Development receive HK$21.75 billion (US$2.8 billion) to ease its debt burden and pay a special dividend of about HK$4 billion.

11 Skies, touted as Hong Kong’s largest indoor entertainment hub, is adding Vquarium, the city’s first-ever ‘virtual deep-ocean adventure experience’, to its list of attractions, as landlords beef up entertainment offerings in shopping malls.

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Company reports a 28 per cent decline in profit attributable to shareholders and cuts final dividend by 80 per cent to ‘retain cash and strength’, CEO Adrian Cheng says.

New World Development sold more than 10 billion yuan (US$1.37 billion) worth of residential projects in mainland China in the first eight months of the year, the company said in a statement on Monday.

Hong Kong’s property market has seen a marked slowdown this year, with only 55 per cent of the 7,600 flats completed in the first half sold as of end-June, compared with 78 per cent over the last five years.

Hong Kong firms are well-placed to take advantage of opportunities given the crisis facing their mainland rivals, but the economic situation warrants caution, analysts say.

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Hong Kong’s third richest family, led by Henry Cheng Kar-shun, offers to take full control of NWS Holdings, including a big block held by New World Development, to help ease the latter’s debt burden.

An increase in transactions and stabilising interest rates have developers expecting a return to normalcy after sales fell 41.3 per cent in 2022.

The developer, owned by the family of billionaire Henry Cheng Kar-shun, issued a statement to say it has US$13.4 billion in capital and ‘no plans to sell any stake in K11 Atelier King’s Road’.