New World Development has sold its interest in two Hong Kong shopping malls to MTR Corp., a Hong Kong railway operator, for HK$3 billion ($385 million).
The developer sold its 50 percent stake in the 333,681-square-foot Telford Plaza II in Kowloon Bay and its 21 percent share in the 91,020-square-foot Popcorn 2 in Tseung Kwan O to generate cashflow for its core businesses.
In addition to disposing of noncore assets in Hong Kong and mainland China, the group will look for new projects and acquisition opportunities with growth potential and strong recurring cash flow to strengthen the long-term development of its core businesses and further improve its ecosystem, thus optimizing value for stakeholders and enhancing the investment value of the group.
The latest statistics from the Census and Statistics Department (C&SD), reveal retail sales in Hong Kong
