Chinachem Group Co. Ltd. signed a commercial property sale and purchase agreement to acquire Discovery Park Commercial Services Limited from New World Development Company Limited (SEHK:17) for approximately HKD 4.02 billion.

Chinachem Group Co. Ltd. signed a commercial property sale and purchase agreement to acquire Discovery Park Commercial Services Limited from New World Development Company Limited (SEHK:17) for approximately HKD 4.02 billion on March 1, 2024. The commercial properties being sold in this transaction include the retail portion of DPARK, with total area of 630,000 square feet, and 1,000 parking spaces.

The transaction is expected to be completed in April 2024. New World Development will continue disposal of non-core assets to recycle capital for the development of its core businesses.