To Our Shareholders,

With the gradual easing of pandemic control measures in FY2023, the economy gradually recovered and the market regained vitality. However, the economic environment remained complex and volatile. Despite the uncertainty in the macro-environment, New World Group, leveraging its strong resilience and innovation capabilities, has remained alert to the external environment to promptly respond to market uncertainties.

The Group has always adhered to the development strategy of “Pursuing the Path of High-Quality Development with Steady and Sustainable Growth”. We believe that only with high-quality projects can we resonate with the times and leave our footprints in the long span of history. Our development strategy fully aligns with the national policy set out in the 20th National Congress of the Communist Party of China (“CPC”) report, which states that “to build a modern socialist country in all respects, we must first and foremost pursue high-quality development”. Meanwhile, in response to the national call, New World has been committed to developing high-quality projects and building exquisite urban landmarks in key cities in the Greater Bay Area and major areas in the Yangtze River Delta, which have made valuable contributions to the high-quality economic and urban development of Mainland China and a better life for its people. This is also the goal that the Group has been working tirelessly to achieve.

Adhering to the concept of quality development, New World will continue to build high-quality urban landmark complex projects. In Hong Kong, we are actively working on the “11 SKIES” SKYCITY complex, a one-stop landmark for retail, dining and entertainment at the airport. This new tourist attraction in Hong Kong will become a regional hub for retail, entertainment, leisure, wellness and financial services, bringing a distinctive experience to people from Hong Kong, other cities in the Greater Bay Area and around the world. We are also actively working on the conversion of agricultural land and the development of the Northern Metropolis to begin a new chapter for Hong Kong.

In Mainland China, as our urban renewal business entered the harvesting stage, we continued to bring “the soul of the city” to life through our city-industry integration model. Meanwhile, “K11 ECOAST”, the first K11 flagship project in Mainland China, is expected to open by the end of 2024. The project has been guided by the concept of green and sustainable development since its initial planning stage, actively responding to the circular economy development plan in the 14th Five-Year Plan and the “Zero-Waste City” construction pilot program in Shenzhen, which, when completed, will become a new cultural and retail landmark on the waterfront of the Greater Bay Area, enhancing cultural and retail enjoyment in the area.

As mentioned in “An Exhortation to Learning” by Xunzi, a philosopher of the Warring States period in Mainland China, “Without the accumulation of many a half-step, one can never walk a thousand miles; without the accumulation of many a stream, rivers and seas can never be formed; without patience in carving, even a piece of rotten wood cannot be broken; with perseverance in carving, even metal and stone can be engraved”. For more than half a century, we have insisted on upholding the concept of “high-quality development”, building one prestigious landmark after another with consistently high quality standards from product design and construction to management, contributing to the prosperity of the city. The Group has overcome various difficulties and challenges, completing a glorious chapter in its history. Thanks to the dedication and efforts of the entire Group and the long- term trust and support of shareholders, New World has become a benchmark company in the industry. Going forward, we will work hand in hand, braving the wind and waves to achieve steady and sustainable growth. 

Dr. Cheng Kar-Shun, Henry
Hong Kong, China, 29 September 2023