Friday, July 10, 2020
Martin Hennecke

Property sales rake in $3.6b for New World
<p>New World Development (0017) announced the disposal of two non-core assets in Hong Kong, generating HK$3.6 billion in cash. They are properties at Shun Tak Centre, Sheung Wan, and a serviced apartment in Happy Valley.</p><p>The group has to date successfully disposed of non-core assets of more than HK$10 billion in the 2020 fiscal year.</p><p>The group disposed of its 45 percent interest in the company that owns properties at Shun Tak Centre, Sheung Wan, for about HK$2.36 billion, and Eight Kwai Fong, a serviced apartment in Happy Valley which was completed in 2015, for HK$1.21 billion.</p><p>The sale involves a lettable area of 214,486 ss ft in the shopping arcade, an office space of 13,827 sq ft and 85 car-parking spaces.</p><p>The total salable floor area of Eight Kwai Fong held by the group is about 49,000 sq ft, involving 139 serviced apartment units.</p><p>The group said the target in disposing of non-core assets and businesses is more than HK$15 billion in the short to medium term.</p><p>The group explained the move was part of its structural and asset change as part of its long-term core development strategy to provide additional cash inflow. It was optimistic about Hong Kong and the Greater Bay Area, which continued to be a core focus of the business.</p><p>&nbsp;</p>

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