New World Development Sells Interest in D‧PARK Mall to Chinachem for HK$4.02 Billion

Chinachem Group Acquires New World Development 's Interest in D‧PARK Mall and its Carpark for HK$4.02 Billion

01 March 2024
Background

Chinachem Group acquires New World Development 's interest in D‧PARK Mall and its carpark for HK$4.02 billion.

Chinachem Group (“Chinachem”) and New World Development Company Limited (“New World Developmentq” Hong Kong Stock Exchange code: 00017) announced that the two parties have signed a commercial property sale and purchase agreement. To optimise its business portfolio, New World Development has sold all its interest in the D‧PARK mall in Tsuen Wan and the mall’s parking spaces to Chinachem for a total cash consideration of HK$4.02 billion.

 

New World Development has been continuously optimising its assets portfolio while also seeking suitable investment opportunities to further boost shareholder returns. The commercial properties being sold in this transaction include the retail portion of D‧PARK, with total area of 630,000 square feet, and 1,000 parking spaces. The transaction is expected to be completed in April 2024. New World Development will continue disposal of non-core assets to recycle capital for the development of its core businesses.

 

Chinachem Group is delighted to have acquired D‧PARK mall and its carpark. Chinachem is confident about Hong Kong long-term economy and property market, and intends to hold the D‧PARK mall as a long-term investment.

 

Chinachem believes that the acquisition of this premium regional mall will create synergy with its investments in Tsuen Wan including NINA MALL 1 & 2, Nina Hotel Tsuen Wan West and Nina Park. Chinachem is committed to the economic growth of Hong Kong through further investment in our community and engagement programmes.

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