New World Development Co. Ltd saw its shares soar 6.37% in Wednesday's intraday trading session, outperforming the broader market. The stock's rally came on the back of strong buyer demand for the company's new residential property project in Hong Kong.
According to reports, New World Development increased the prices for a batch of 39 units at its State Pavilia project on Hong Kong Island, pricing them between HK$6.4 million and HK$20.4 million after discounts, or HK$16,888 to HK$28,088 per square foot. The cheapest unit was priced 0.5% higher than previously.
The surging demand was evident as more than 4,800 buyers registered to purchase 168 out of the total 388 units on offer at the project as of Tuesday evening. Investors likely viewed the company's ability to raise prices and the strong buyer interest as positive signs for its revenue prospects, driving up New World Development's stock.
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