New World Development Company Limited (SEHK:17) acquired remaining 50% stake in Shanghai New World Huai Hai Property Development Co., Ltd. from Chow Tai Fook Nominee Limited for CNY 3.4 billion on September 8, 2021. A sum of CNY 1.7 billion was paid on completion and a sum of CNY 1.7 billion shall be paid by New World Development Company to Chow Tai Fook Nominee on or before September 8, 2022. The consideration is and will be funded by New World Development's internal resources. Shanghai New World Huai Hai Property Development will become wholly owned subsidiary of New World Development Company. The audited net profit after taxation and extraordinary items of Shanghai New World Huai Hai Property Development for the two years ended December 31, 2019 and December 31, 2020 was approximately CNY 117 million and CNY 111 million respectively. The total asset value of Shanghai New World Huai Hai Property Development as at December 31, 2020 was CNY 2,005,397,804. New World Development Company Limited (SEHK:17) completed the acquisition of remaining 50% stake in Shanghai New World Huai Hai Property Development Co., Ltd. from Chow Tai Fook Nominee Limited on September 8, 2021.