New World Development announced on the evening of June 26 that it has agreed to sell 30% equity in Tin Datt Development to a subsidiary of Chow Tai Fook Enterprises for 1.44 billion yuan. The main asset of Tin Datt Development is a 43-story office building in Shenzhen, currently owned by a subsidiary of Chow Tai Fook Enterprises with a 70% stake. New World Development considers its interest in the property to be a non-core investment and expects the sale to bring about HKD 113 million in proceeds. The net proceeds from the sale will be allocated to general operating capital.
新世界发展拟14.4亿元出售天得发展30%股权
New World Development plans to sell 30% equity of Tin Datt Development for 1.44 billion yuan.
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