New World Development

Hong Kong property developers are expected to report stronger first-half earnings due to a rebound in home sales and improving development margins. Bank of America Global Research predicts an average 8% year-on-year core net profit growth for developers and conglomerates, excluding New World Development.

Hong Kong property developers are expected to report stronger first-half earnings driven by a rebound in home sales and improved development margins. Bank of America Global Research projects an 8% year-on-year core net profit growth for developers and conglomerates, excluding New World Development.

Hong Kong developer New World Development (NWD) is testing market demand by offering 28 units of its Pavilia Rosa project in Kowloon Tong for sale amid a declining Hang Seng Index. The flats will be sold on a first-come, first-served basis, following prior sales of 42 residences worth HK$2.4 billion through a tender process.

Hong Kong developer New World Development (NWD) is selling 28 units of its Pavilia Rosa project in Kowloon Tong amid a slumping Hang Seng Index. The project has already sold 42 residences worth HK$2.4 billion through a tender.

New World Development (NWD) shares fell 4.3% after the company acknowledged making no progress on disposing of a mega shopping centre project (11 Skies) and introducing new investors. The stock declined to HK$8.95 as the firm remains in ongoing negotiations regarding these strategic plans.