Hong Kong Stock Movement | New World Development Surges Nearly 6% in Morning Trading

Stock News05-07

New World Development (00017) rose nearly 6% in morning trading. As of the time of writing, the stock was up 4.41%, trading at HK$9.48, with a turnover of HK$55.9985 million. Market sources recently indicated that New World is in discussions to sell a 50% stake in a portfolio of three Hong Kong hotel assets, with a total estimated value of approximately US$2 billion. The potential buyer is reportedly Aravest, a Singapore-based real estate management company supported by SMFL, a subsidiary of Sumitomo Mitsui Financial Group. In response, New World Development issued an announcement stating that the company has noted media speculation about the possible sale of its interests in certain Hong Kong hotel assets. After making reasonable inquiries relevant to the company's circumstances, New World clarified that while potential buyers have periodically approached the company regarding various assets, including its Hong Kong hotel properties, as of the date of the announcement, no agreements requiring disclosure under listing rules have been reached for any such sales.

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