New World Dev Proposes 2026–29 CTFE Services Agreement with Annual Caps up to HK$4.92 Billion

New World Development Company Limited (New World Dev) has signed a new master services agreement with Chow Tai Fook Enterprises Limited (CTFE) dated 24 April 2026 to govern continuing connected transactions from 1 July 2026 to 30 June 2029.

• Scope and Pricing The 2026 CTFE Master Services Agreement covers seven service categories—including contracting, administrative, project-management, rental, insurance and concessionaire services—provided both by New World Dev to the CTFE group and vice-versa. Transactions must be: 1) in the ordinary and usual course of business; 2) conducted on normal commercial terms or better; and 3) executed under definitive agreements that comply with Hong Kong Listing Rules.

• Annual Caps Aggregate caps for all services are: – FY ending 30 Jun 2027: HK$3.27 billion   • Services to Group from CTFE: HK$2.64 billion   • Services to CTFE from Group: HK$0.63 billion

– FY ending 30 Jun 2028: HK$4.92 billion   • Services to Group from CTFE: HK$4.30 billion   • Services to CTFE from Group: HK$0.63 billion

– FY ending 30 Jun 2029: HK$4.91 billion   • Services to Group from CTFE: HK$4.36 billion   • Services to CTFE from Group: HK$0.56 billion

Contracting work supplied by the CTFE group represents more than 70 % of each annual cap.

• Historical Utilisation Under the current 2023 agreement, combined transaction value (including concessionaire and leasing services) reached HK$1.21 billion in FY 2025 and HK$1.03 billion for the half-year to 31 Dec 2025, versus the FY 2026 cap of HK$3.89 billion (25.2 % utilised).

• Approval Process Because the highest applicable percentage ratio exceeds 5 %, the new agreement and caps require independent shareholder approval. A hybrid extraordinary general meeting is scheduled for 24 June 2026. CTFE and its associates—holding about 45.24 % of New World Dev—will abstain from voting.

• Governance and Controls New World Dev will apply internal tender procedures, biannual internal-audit reviews and annual audits to ensure pricing remains at market levels and transactions stay within the approved caps.

If approved, the 2026 CTFE Master Services Agreement will replace the 2023 agreement and may automatically renew for successive three-year terms subject to Listing Rule compliance.