HK Stock Market Move | NEW WORLD DEV (00017) rose nearly 6% in the morning, the company said that various assets have occasionally received acquisition inquiries, but no disclosure agreement has been reached yet.

NEW WORLD DEV(00017) rose nearly 6% in early trading, up 4.41% as of the time of writing, at HK$9.48 with a trading volume of HK$55.9985 million. On the news front, there have been recent market reports that Shanghai New World is negotiating the sale of a 50% stake in a portfolio of three Hong Kong hotel assets, with a total estimated value of around US$2 billion, to Aravest, a Singapore real estate management company supported by SMFL under Mitsui Sumitomo Financial Group. NEW WORLD DEV released a statement, noting media reports speculating that the group may sell its interests in several Hong Kong hotel assets. After conducting a reasonable inquiry into the matter, the company clarifies that although potential buyers have approached the company regarding various assets, including its Hong Kong hotel assets, as of the date of the announcement, the company has not entered into any agreements regarding such sales that would require disclosure under market regulations.