(Reuters) – Hong Kong-based property developer New World Development on Friday confirmed it is conducting ongoing negotiations for the potential sale of its shopping centre, K11 Art Mall.
Local media had reported in August that the company received a HK$9 billion ($1.16 billion) bid for the Hong Kong shopping mall from a Chinese state-owned company.
CR Longdation, a unit of state-backed China Resources, had offered to purchase K11 Art Mall in the shopping district of Tsim Sha Tsui, media reports said, citing unnamed sources.
While potential buyers have been approaching the company about various assets, including K11 Art Mall, no binding agreement has been signed to date, New World said in a statement on Friday.
In fiscal 2024, the company engaged in non-core disposals worth about HK$7.7 billion ($988.57 million), according to New World’s annual report.
($1 = 7.7890 Hong Kong dollars)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Shreya Biswas)
