Property News · February 26, 2020

New World Development sells HK$3 billion stakes in two shopping malls to MTR as Hong Kong’s retail sector reels from protests, coronavirus


New World Development has sold its interest in two Hong Kong shopping malls to MTR Corporation, the city’s sole rail operator, for HK$3 billion (US$385 million) as the local retail sector slips into a deep slump.The developer said the sale of the “non-core” assets, a 50 per cent stake in the Telford Plaza II in Kowloon Bay and a 21 per cent share of PopCorn 2 in Tseung Kwan O, was part of its strategy to fine-tune its asset structure.New World Development will continue to dispose of non-core…

Source : South China Morning Post
Read more…New World Development sells HK billion stakes in two shopping malls to MTR as Hong Kong’s retail sector reels from protests, coronavirus

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