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Cheng Family Sells Hong Kong Mall
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New World Development, a Hong Kong-based company owned by the Cheng family, sold a shopping mall in Tsuen Wan to Chinachem Group for $513 million to reduce debt and divest non-core assets. The company aims to lower its net gearing ratio from 49.9% in 2023 to the mid to high 30% range by 2027, with a target of disposing HK$8 billion in non-core assets this financial year. The stock price of New World Development hit a multi-decade low at HK$9.20 per share amidst a significant decline over the past year.
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How might the sale of the shopping mall impact New World Development's long-term financial strategy?
In what ways could the Cheng family's divestment of non-core assets influence the Hong Kong real estate market?
What implications could the stock price decline have on investor confidence in the company?
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