New World Development and Vanke Property (Hong Kong) win the West Rail Tsuen Wan West Station TW6 Property Development
New World Development Company Limited ("New World Development", "the Group"; Stock Code: 17.HK) is delighted to announce that the consortium of New World Group and Vanke Property (Hong Kong) Company Limited ("Vanke") have won the tender of the West Rail Tsuen Wan West Station TW6 Property Development project at a consideration of HK$3.4 billion. The developmentis the last waterfront site with prime location near the West Rail in Tsuen Wan.
The project is in a prime waterfront location entrancing sea view of the Rambler and Ting Kau. It is adjacent to the West Rail Tsuen Wan West Station, enjoying convenient transportation network. Furthermore, the site is surrounded by lush greenery of Tsuen Wan Park offering stunning view. The development is the last waterfront residential property site which is privileged in Tsuen Wan.
New World Development Executive Director and Joint General Manager Adrian Cheng is very pleased the Group acquires the tender of the West Rail Tsuen Wan West Station TW6 Property Development project at a reasonable price as the site has great development potential. This corresponds with the Group's prudent strategy and a well-planned approach in increasing its land bank.
Adrian Cheng continued that the first collaboration and successfully winning the tender with Vanke mark a good start for the joint effort. The Group and Vanke can apply its expertise to form a strategic partnership in Hong Kong and Mainland China so as to achieve greater returns for the shareholders of both parties. Vanke Group is the largest property developer in China while New World Development has over 40-year solid experience in property construction and management. The Group is also the first Hong Kong property developer to expand its business portfolio to Mainland China. New World China Land Limited, one of the Group's subsidiaries, is widely recognised among China market. The two companies' foremost collaboration in Hong Kong opens more opportunities for future developments in both Hong Kong and Mainland China.
Yu Liang, President of China Vanke, is delighted to join hands with New World Development for the project and believes that market share could be increased through generating branding synergy.
New World Development Company Limited
New World Development Company Limited ("The Group"; Stock Code: 17.HK) is a leading conglomerate based in Hong Kong. The Group was founded in 1970 and publicly listed in Hong Kong in 1972. It is a constituent stock of the Hang Seng Index with a total asset value of HK$286.3 billion as at 30 June 2012.
For more than four decades, the Group has expanded from a single focus on the property business to four core areas: property, infrastructure, services and department store. As at 30 June 2012, the Group has an effective interest of approximately 60.7% in NWS Holdings Limited (Stock Code: 659.HK), approximately 69.9% in New World China Land Limited (Stock Code: 917.HK) and approximately 72.3% in New World Department Store China Limited (Stock Code: 825.HK).