Hong Kong Stocks Movement | NEW WORLD DEV (00017) Surges Over 15% Again, Rosewood Hotels Denies Marriott Acquisition Rumors, Morningstar Raises Fair Value

Stock News01-15

NEW WORLD DEV (00017) surged more than 15% again, bringing its cumulative gain for the month to nearly 30%. At the time of writing, the stock was up 12.52%, trading at HK$9.26, with a turnover of HK$345 million. Market news indicates that recent rumors suggested Marriott International was planning a strategic acquisition of Rosewood Hotel Group, a subsidiary of Chow Tai Fook Enterprises. The potential merger project was reportedly internally code-named "Project Pegasus" within Marriott. In response, Marriott International stated it does not comment on rumors or speculation regarding mergers or other transactions. Rosewood Hotels responded by clarifying that Rosewood Hotel Group and its portfolio of brands are not for sale, and all hotels are operating as usual. Notably, Morningstar recently published a research report raising the fair value of NEW WORLD DEV, pointing out that the company's recent progress on asset disposals has been better than expected, and its core leasing business performance remains stable, supporting the valuation upgrade. The institution noted that the trajectory of Hong Kong interest rates and changes in property market policies remain key variables to watch.

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