New World Development Sells Hong Kong Mall for $514 Million

New World Development Co. sold a shopping mall for HK$4.02 billion ($514 million) as part of its plan to improve financial health by offloading non-core assets.

The company sold all of its interest in D-PARK and its parking space in the Tsuen Wan area in Hong Kong to local developer Chinachem Group, it said in a statement on Friday. The company will continue disposal of assets, it added.

New World has increased its target for offloading non-core assets to HK$8 billion this financial year from HK$6 billion, Chief Executive Officer Adrian Cheng said in an earnings press conference on ...