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.

Cheng Family Sells Hong Kong Mall