New World Development Company Limited (“New World Development”) and China Merchants Shekou Industrial Zone Holdings Co., Ltd.  (“China Merchants Shekou”) announced the signing of the “Cooperation Agreement on Fanling North Project in Northern Metropolis” (“the Agreement”). Under the Agreement, the two parties will jointly develop the largest commercial and residential project in the Fanling North New Development Area, providing no fewer than 2,000 residential units. The construction is scheduled to commence in early 2025 and will complement the development of the boundary commerce zone and the emerging industries base, synergising with San Tin Technopole.