NWD grabs Hangzhou plot

Business | Tereza Cai 31 Jul 2019

New World Development (0017) has acquired a plot in Hangzhou, Zhejiang, through listing-for-sale for 9.79 billion yuan (HK$11.13 billion) for a residential, commercial and car-parking development.

The site area of the land is about 93,364 square meters with a maximum gross floor area of 453,886.1 sq m.

NWD said Hangzhou will host the 19th Asian Games in 2022 and it is expected that there will be increased social and economic development as well as business opportunities there.

Before the transaction, New World Development bought a 51 percent interest in a property project for residential and commercial use in Ningbo, Zhejiang, for 4.01 billion yuan from NWD's parent, Chow Tai Fook Enterprises, on July 26.

Meanwhile, President Xi Jinping said the country's economic situation is good overall but warned that both global and domestic conditions are undergoing profound and complicated changes, state media reported yesterday.

Also, policymakers of the Political Bureau of the Central Committee of the CPC, said the government will not use the property market as a short-term tool to stimulate the economy, while reiterating the mantra that "houses are for living instead of speculation."

In other news, mainland property developer Guangzhou R&F Properties (2777) plans to basically stop acquiring land in the second half year, and it has asked staff to make greater marketing efforts to meet its full-year target sales, as the property sales are not satisfactory, according to a mainland report which cited the company's internal memos.

It said that Guangzhou R&F Properties' full-year sales target was 160 billion yuan, but it reached only 37.6 percent of this in the first six months.

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