Stock Track | New World Development Shares Surge 5.28% on Potential Sale of Shopping Mall

Stock Track

Jan 27, 2025

Shares of New World Development Co. Ltd. (00017.HK) soared 5.28% on Monday, propelled by the company's ongoing negotiations for the potential sale of its shopping mall K11 Art Mall in Hong Kong.

The property developer confirmed on Friday that it was in talks for the potential divestment of the K11 Art Mall, though no binding agreement has been signed to date. This announcement fueled investor optimism, driving the stock to its highest level since January 21 and marking its biggest one-day percentage gain since October 2, 2024.

Media reports in August 2024 had suggested that New World received a HK$9 billion ($1.16 billion) bid for the shopping mall from a Chinese state-owned company. While potential buyers have approached the company about various assets, including K11 Art Mall, no deal has been finalized yet.

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