New World Development speeds up sale of noncore assets as disposals top HK$10 billion in financial year
- Developer sells two noncore assets in Hong Kong for a combined value of HK$3.57 billion (US$460.6 million)
- New World says it is optimistic about Hong Kong and Greater Bay Area, which will continue to be a core focus of its business
The developer said in a statement on Monday that the sale of a 45 per cent interest in certain properties at Shun Tak Centre, in Sheung Wan, generated HK$2.36 billion. It also received HK$1.21 billion after selling Eight Kwai Fong, a serviced apartment building in Happy Valley.
“The group has been actively carrying out structural and asset optimisation as part of its long-term core development strategy, disposing of noncore assets and businesses, realising value and improving efficiency,” New World said in the statement. “The group is optimistic about Hong Kong and GBA, which will continue to be a core focus of the business.”
Following the sales of the two properties, NWD has disposed of noncore assets worth a combined HK$10 billion in its financial year starting July 1, 2019. The Hong Kong listed developer said it would “recycle capital” to develop its core businesses.
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The company said it was targeting asset disposals totalling HK$15 billion in the short to medium term, but it did not elaborate.
