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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Bank of China Limited    3988   CNE1000001Z5

BANK OF CHINA LIMITED

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New World Development unveils '11 SKIES' - the first destination to combine wellness and wealth management, together with retail dining and entertainment

11/23/2020 | 08:56am EST

New World Development Company Limited ('New World Group' or 'the Group', Hong Kong stock code: 17) announced today the name of its HK$20 billion mixed-use development project at the Hong Kong International Airport development SKYCITY: 11 SKIES, which will be Hong Kong's largest hub for Retail, Dining and Entertainment (RDE), and the first to combine wealth management and wellness services, providing unique connectivity across the region, and redefining the traveller and consumer experience in the Greater Bay Area (GBA).

It attracted anchor tenants including Bank of China (Hong Kong), Citibank, Standard Chartered, FTLife Insurance and Trinity Health Enterprise to provide service for customers in Hong Kong, GBA and rest of the world.

The most comprehensive retail and business hub in GBA

Operated by K11, 11 SKIES is a brand new landmark in Hong Kong for locals and tourists with a gross floor area of 3.8 million sq. ft., including 2.66 million sq. ft. dedicated to dining and retail outlets, 570,000 sq. ft. for experiential entertainment facilities and 570,000 sq. ft. for grade A office space. There will be over 800 shops including more than 120 dining concepts, entertainment never seen before in the region, and access to world-class financial and medical services, all under one roof.

Strategically located right next to the Hong Kong International Airport, Hong Kong-Zhuhai-Macao Bridge, and Tuen Mun-Chek Lap Kok Link, 11 SKIES will benefit from the high volume of passengers who travel through Hong Kong International Airport, which recorded 71.5 million last year, and the 72 million people residing in the GBA. People can arrive at 11 SKIES several hours earlier before they board the plane to enjoy the wonderful retail entertainment. It will become both a centre piece within the GBA 'one-hour living circle' and a gateway to the rest of the world.

Adrian Cheng, CEO, New World Development and Founder of K11 Group said, '11 SKIES will be a game-changer for Hong Kong and the Greater Bay Area. It is the first project that comprehensively combines retail, dining, entertainment, together with wellness and wealth management in one complete ecosystem for people in Hong Kong, Greater Bay Area and the rest of the world.

11 SKIES will create thousands of job opportunities as well as give birth to new business opportunities in key sectors which can leverage the unique connectivity, ultimately providing a new impetus for the long-term growth.'

Three Grade A towers providing seamless connection for wealth management, wellness services, and GBA business

11 SKIES features three grade A office towers under K11 ATELIER, a premium office network brand which transforms the design, purpose and culture of workplaces. The three towers each serves a special purpose: one focuses on wealth management services such as insurance and asset management, one focuses on wellness and medical services, and one is tailored to companies and organisations wishing to establish their GBA business centre at the heart of the region. The 570,000 sq. ft office space is expected to be completed by 2022.

Five premium brands will establish their presence at K11 ATELIER 11 SKIES, including Bank of China (Hong Kong), Citibank, Standard Chartered and FTLife Insurance to start offering financial services when the property opens, and Trinity Health Enterprise being the first to offer medical services. Wealth management and wellness specialists at 11 SKIES can tap into the increasing demand for financial solutions and healthcare coming from around the region and in particular the GBA. Consumers can take advantage of the unique prospect of combining business with entertainment and leisure all under one roof.

Hong Kong's biggest indoor entertainment centre for all ages 11 SKIES will cater to all ages and interests and be a destination to keep returning to. One such entertainment offering is KidZania, an immersive, fun and interactive role-play learning experience for children from age 1-14, the first in Greater China and

exclusive in GBA, where kids can independently explore a scaled indoor city with more than 50 exciting careers that they can try. The entertainment offering is expected to start operation by 2023.

KidZania has become a global phenomenon with 27 locations in twenty countries. Each KidZania location offers experiences that are relevant to a particular region, culture and geography by way of food, entertainment and professions. At every location, KidZania uses real-world fun and learning to ready kids for a better world.

Xavier Lopez Ancona, CEO & Founder of KidZania stated: 'We are excited about the upcoming opening of the first KidZania in Greater Bay Area (GBA) at 11 SKIES. KidZania Hong Kong's strategic location, New World Group and K11's expertise in the entertainment industry, alongside the constant development and growth in this region, create an outstanding growth potential for our concept in this area. We look forward to sharing our playful and experiential learning model with kids in Hong Kong and from around the world.'

11 SKIES will also be home to SkyTrack, the world's longest indoor and outdoor karting track which is seamlessly woven throughout the complex. SkyTrack presents the most technologically sophisticated karting system in the region, with electric-powered karts and AR-enabled interactive control.

More unique and imaginative entertainment facilities will be included in 11 SKIES, from flying theatre, digital multimedia performance, to educational immersive experience, 11 SKIES will be a must-go entertainment destination in the region.

11 SKIES will open in phases from 2022 to 2025, to bring brand new experiences for consumption, entertainment and wellness services for everyone.

Contact:

Tel: (852) 2523 1056

Fax: (852) 2810 4673

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.74% 2.73 End-of-day quote.3.02%
BOC HONG KONG (HOLDINGS) LIMITED -1.01% 24.5 End-of-day quote.4.26%
NEW WORLD DEVELOPMENT COMPANY LIMITED 0.00% 36.35 End-of-day quote.0.69%
STANDARD CHARTERED PLC -1.71% 489.7 Delayed Quote.5.11%
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Financials
Sales 2020 563 B 86 816 M 86 816 M
Net income 2020 177 B 27 274 M 27 274 M
Net Debt 2020 - - -
P/E ratio 2020 3,99x
Yield 2020 7,76%
Capitalization 872 B 135 B 135 B
Capi. / Sales 2020 1,55x
Capi. / Sales 2021 1,47x
Nbr of Employees 309 384
Free-Float 99,0%
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Number of Analysts 19
Average target price 2,96 CNY
Last Close Price 2,28 CNY
Spread / Highest target 73,1%
Spread / Average Target 29,8%
Spread / Lowest Target -0,07%
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Jiang Wang Vice Chairman & President
Xi Quan Wang Chairman-Supervisory Board
Lian Ge Liu Chairman
Liu Qiuwan Chief Information Officer
Chang Yun Wang Independent Non-Executive Director
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