DEAR SHAREHOLDERS

In 2024, the global economy navigated through a challenging period marked by intensifying geopolitical tensions among major powers and escalating trade protectionism. Amidst these difficulties, China’s economy has demonstrated resilience, steadily advancing despite traversing treacherous waters and overcoming numerous obstacles. The global rise of AI, coupled with the continuous emergence of new industries, business models, and formats, has fueled new progress in high-quality development and the creation of new productive forces.

Against this volatile backdrop, New World has maintained a long-term perspective, firmly believing in China’s future development and consistently pursuing high-quality growth. Over the past year, our management team has shouldered its responsibilities, adjusting strategies in a timely manner and focusing on core businesses, while adopting a cautious and pragmatic approach to navigate industry cycles.

At the same time, New World has actively participated in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Yangtze River Delta metropolitan region. Initially benefiting from the country’s favourable policies aimed at stabilising the real estate market and the overall recovery in key first-tier cities, we have witnessed robust sales across multiple projects. In various core cities, New World has continuously established new landmarks, driving high-quality urban development.

“He who holds the Great Dao can lead the world.” Further integrating with the national development strategy, New World has anchored its efforts in the development of the “Northern Metropolis” in Hong Kong. We have actively collaborated with central and state-owned enterprises to explore regional development pathways, deepening the integration within the GBA and injecting new impetus into Hong Kong’s long-term economic growth. The sustained positive sales performance of our projects in Hong Kong underscores our strong development momentum.

New World adheres to a “dual-engine drive” model of property development and operation, and remains optimistic about the consumer markets in Hong Kong and Mainland China. Looking ahead, a number of projects in Hong Kong and Mainland China will reach new milestones, contributing significantly to the Group’s long-term stable growth and creating greater value for shareholders and the society.

For New World, 2024 has been a year of rising to challenges. As we look forward to 2025, challenges coexist with opportunities, with cash repatriation and debt reduction being our top priorities. We firmly believe that under the leadership of our strong management team, the Group will embrace change with a more open mindset and face the future with firmer steps, navigating through storms and steadily advancing towards our goals.

We sincerely thank our shareholders for their continued support and trust over the years. It is with your partnership that we can continue to move forward.
 

Dr. Cheng Kar-Shun, Henry
Chairman
Hong Kong, China, 28 February 2025