HK Stock Market Move | NEW WORLD DEV (00017) rose over 6% in the afternoon, with an expected mid-term core operating profit of HK$4.35 billion to HK$4.55 billion.

NEW WORLD DEV (00017) surged over 6% in the afternoon, rising 6.46% to 4.78 Hong Kong dollars as of the time of writing, with a trading volume of 159 million Hong Kong dollars. On the news front, on February 21st, NEW WORLD DEV released a performance forecast, expecting a continuous operating profit in the range of 4.35 billion to 4.55 billion Hong Kong dollars for the mid-term of the 2025 fiscal year, excluding non-recurring gains and losses. Compared to the first half of the 2024 fiscal year, NEW WORLD DEV's profit was influenced by other non-recurring factors such as impairment provisions, a decrease in redemption gains from fixed-rate bonds, and the disappearance of one-time gains. Industry experts point out that in the weakening market expectations, Hong Kong developers need to make impairment provisions for investments and property development, which is a risk management measure in accounting standards and reflects the prudence principle of property developers. Booking impairment does not necessarily indicate significant changes in a company's production and operation. It is worth noting that on the same day, NEW WORLD DEV's Hong Kong North Point The Grand project sold 5 units in a single day, cashing in nearly 63 million Hong Kong dollars.