New World Development sells interest in malls

New World Development (0017) sold two shopping malls, Telford Plaza II in Kowloon Bay and PopCorn 2 in Tseung Kwan O for HK$3 billion.

NWD has signed a legal agreement with MTR Corporation (0066) and the deal will be completed on or before March 31.

The economic interests of Telford Plaza II and PopCorn 2, which are non-core assets of NWD were sold at HK$2.3 billion and HK$1.3 billion, respectively to make best use of assets and business portfolios to increase cash flow for the core businesses, such as Victoria Dockside.

The group will look for new projects and acquisition opportunities to strengthen the long-term development.