Hong Kong’s New World sells D‧PARK Mall to Chinachem for $514m

The transaction will be completed by April.

Hong Kong-based property developer New World Development Company Limited has finalised a commercial property sale and purchase agreement with Chinachem Group for the sale of all its interest in the D‧PARK Mall for $513.84m (HK$4.02b).

The properties being sold involved the retail portion of D‧PARK, comprising a total area of 630,000 square feet, and 1,000 parking spaces.

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New World Development will also sell its non-core assets to secure capital for its core businesses and boost shareholder profits.

Meanwhile, Chinachem said it acquired D‧PARK Mall to synergise its investments in Tsuen Wan including Nina Mall 1 & 2, Nina Hotel Tsuen Wan West and Nina Park.