New World rises most in 7 weeks on report of talks to sell hotel assets

New World Development

06/05/2026 04:21

** Shares of New World Development 0017.HK climb 5.1% in the third rising session to HK$9.25, their highest level since March 19

** Stock set for the biggest one-day pct gain since April 8

** New World Development is in talks to sell its 50% stake in a portfolio of three Hong Kong hotels valued at a total of $2 billion, Bloomberg News reported, citing people familiar with the matter

** The property developer said on Tuesday it is aware of media speculation concerning the potential disposal of its stake in certain Hong Kong hotel assets

** Says potential buyers approach the company in respect of its various assets, including its Hong Kong hotel assets, from time to time, but no agreement has been entered into in relation to any disposal - Co

** YTD, stock up 26.1%, benchmark Hang Seng Index .HSI up 1.8%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))