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09/09/2021 09:17

New World Dev (00017) to buy 50% of target company

[ET Net News Agency, 9 September 2021] New World Development Company Limited (00017)
said its subsidiary K11 Shanghai Properties Company Limited has agreed to buy 50% of the
entire equity interest of Shanghai New World Huai Hai Property Development Co., Ltd. (the
target company) at the total consideration of RMB3,375 million. Completion took place
immediately after the signing of the agreement. Upon issuance of a new business licence of
the target company, the target company will become an indirect wholly-owned subsidiary of
the company.
The target company is principally engaged in the development, management and operation
of Shanghai Hong Kong New World Tower located at 300 Huaihaizhong Road, Huangpu District,
Shanghai, the PRC. (RC)

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