Open Source Securities published a report saying that New World Development (00017) investment properties are operating steadily, capital expenses have been reduced significantly, and the company's “buy” rating has been maintained.

In terms of investment properties, in the 2023/2024 fiscal year, the company achieved investment property income of 5.197 billion yuan, an increase of 4.03% over the previous year. The company's Hong Kong investment property revenue was HK$3.356 billion. The K11MUSEA Cultural Shopping Art Museum and K11art in Tsim Sha Tsui

Mall shopping and art museum operating efficiency increased. Sales increased 17% and 16% year-on-year respectively, total passenger traffic increased 20% and 10%, respectively, and K11Art

Mall's occupancy rate remained at 99%; the income from property investment in mainland China was HK$1.841 billion. The investment property portfolio performed steadily, and the overall occupancy rate was high.

In terms of capital expenditure, expenses have been significantly reduced. The company's sales volume on property contracts in mainland China was 12.48 billion yuan, and the Southern Greater Bay Area and Eastern Triangle regions contributed more than 85%. The company strictly controlled costs, and the capital expenses for continuing operations and administrative and other operating expenses were reduced by 23% and 17%, respectively. As of the end of the reporting period, the total capital available to the company was HK$46.3 billion, including cash and bank balances of HK$28 billion and available bank loans of HK$18.3 billion.