NEW WORLD DEV (00017) subsidiary plans to sell a property unit in Kingswood for around 54.88 million Hong Kong dollars.

NEW WORLD DEV (00017) announced that on January 16, 2025 (after trading hours), its indirect subsidiary Orient Sea Investments Limited intends to sell to Ms. Wong Siu Mei a residential redevelopment project located at Unit A1, 33rd Floor, 283 King's Road and one parking space (B2/F P39) for a total consideration of HK$54.88 million. The group is primarily engaged in property development, property investment, as well as investments and/or operations in hotels and other strategic businesses. The project, named "The Emperor", is planned to be developed into 388 residential units and 91 parking spaces. As of the date of this announcement, the project is still under construction. As of January 15, 2025, a total of 21 residential units and 49 parking spaces have been pre-sold through tender, with 6 other residential units and 9 other parking spaces already accepted by the seller. The Board of Directors believes that the sale is an opportunity for the group to accelerate the realization of its land reserve and/or the value of its properties, generating additional operating funds to strengthen the group's working capital and financial position.