HK Stock Market Move | NEW WORLD DEV (00017) rises over 10% after releasing performance results, significant cost control effectiveness shown in the group, with a mid-term core operating profit of 4.416 billion Hong Kong dollars.

NEW WORLD DEV (00017) rose more than 10% after the performance announcement, up 10.37% to HK$5.32 as of press time, with a turnover of HK$1.13 billion. On the news front, on February 28, NEW WORLD DEV announced its mid-term performance for 2024/2025, with revenue of HK$16.789 billion, gross profit of HK$6.675 billion, and core operating profit of HK$4.416 billion. The group continued to rigorously control capital expenditures and administrative and other operational expenses, reducing them by approximately 35% and 9% respectively. As of December 31, 2024, the group had available funds totaling approximately HK$34 billion, including cash and bank balances of approximately HK$22 billion and available bank loans of approximately HK$12 billion. The Hong Kong property market is becoming more active under favorable policies. The group's property development revenue in Hong Kong was HK$1.734 billion and the divisional performance was HK$705 million, accounting for contract sales of approximately HK$5.222 billion. Among them, the "Parc Woodson" project in the Kai Tak runway area performed impressively, with approximately 760 units sold during the pre-sale phase, totaling 514 units sold, with contract sales totaling nearly HK$3.5 billion, making it the best-selling new project in the Kai Tak runway area. The mainland property market is gradually warming up under policy support, and the group is seizing opportunities accurately. The revenue from property development in Mainland China was HK$6.644 billion and the divisional performance was HK$2.699 billion, with overall contract sales of approximately RMB 7.5 billion. The Greater Bay Area market performed outstandingly, with several projects leading the regional market in sales performance.