Ares Management makes first direct investment in Hong Kong real estate

New World Development Co. (NWD) and a fund advised by Ares SSG Capital Management have formed a joint venture for the construction, development, marketing and sale of a commercial complex located on Wing Hong Street in Cheung Sha Wan, an area between Lai Chi Kok and Sham Shui Po in New Kowloon, Hong Kong.

The sales price was approximately HK$3.07 billion ($392 million).

NWD will be responsible for the construction, property management, asset management, sale and marketing of units in the Complex. The project is scheduled for completion in late 2023.

“NWD and Ares SSG are confident in the outlook for the complex,” said Edward Lau, CFO, New World Development. “NWD considers the partnership with Ares SSG a prime opportunity to combine NWD's knowledge of and expertise in property construction and development with the resources and experience of a leading global real estate investor. The joint venture will continue to capture anticipated rising demand for high-