Property sales rake in $3.6b for New World

Business | Eurus Yiu and Winnie Lee 30 Jun 2020

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.

The group has to date successfully disposed of non-core assets of more than HK$10 billion in the 2020 fiscal year.

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.

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.

The total salable floor area of Eight Kwai Fong held by the group is about 49,000 sq ft, involving 139 serviced apartment units.

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.

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.

 

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