King's Financial News | New World Development (00017) stock price fell, as of the deadline, down 5.99%, at HK$6.43, with a turnover of 0.112 billion Hong Kong dollars.

On the news front, the company announced a related trade, selling 75% stake in the KTSPL Qidi Sports Park project to major shareholder Chow Tai Fook (01929) for 0.417 billion yuan. The net proceeds will be allocated to general operating funds. The remaining 25% equity of KTSPL is held by NWS Holdings (00659). The statement indicates that, as the Qidi Sports Park is expected to commence operation in January 2025, additional external financing may be needed to support the initial operation of the Qidi Sports Park, which does not align with the group's current deleveraging policy.

In addition, it was recently reported that Ma Shaoxiang, the Chief Executive Officer of New World Development, is expected to step down. The company is expected to issue a statement as early as Friday afternoon regarding Ma Shaoxiang's stepping down.