Stock Track | New World Development Soars on Strong Property Sales Amid Low Interest Rates

Stock Track

2024/09/30

Shares of New World Development (00017) surged by 6.43% on September 30, 2024, as the Hong Kong-based property developer benefited from robust demand for new residential projects in the city.

According to reports, New World Development, in collaboration with Far East Consortium International, launched a new residential project at the former Kai Tak airport site, offering 155 apartments for sale. The units were priced at around HK$4.2 million after discounts, attracting strong interest from home buyers.

The surge in demand for new apartments is attributed to the recent slashing of interest rates, which has made home purchases more affordable for buyers. As Louis Chan Wing-kit, a vice chairman at Centaline, noted, the "lower-priced units launched after the slashing of interest rates grabbed a large part of purchasing power."

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