New City Development Group Limited (New City Dev) released its Rule 3.7 monthly update on 14 September 2026, confirming that the joint and several receivers and managers, Mr. Lai Wing Lun and Mr. Osman Mohammed Arab, are still seeking a purchaser for the 86.49 million charged shares under their control.

The charged shares—equivalent to 86,485,742 ordinary shares—were placed under receivership on 8 January 2026. According to an approach letter dated 13 July 2026, the receivers have since solicited interest and recently received additional expressions of interest. Discussions with potential buyers are ongoing; however, no binding agreements have been signed.

Under Rule 3.7 of the Hong Kong Takeovers Code, New City Dev will continue to issue monthly updates until either a firm intention to make a takeover offer is announced under Rule 3.5 or a decision is made not to proceed.

The board cautions that there is no assurance the receivership will result in a change of control or trigger a mandatory general offer under Rule 26.1 of the Takeovers Code. Shareholders and potential investors are advised to exercise caution when dealing in the company’s securities and to consult professional advisers if in doubt.

As of the announcement date, the board comprises three executive directors—Chairman Han Junran, Luo Min, and Deputy Chairman Luo Zhen—and four independent non-executive directors: Dr. Ouyang Qingru, Wong Pak Wing, Lam Chi Cheung Albert, and Wong Kan Wai.