New World Development issued an announcement on the Hong Kong Stock Exchange stating that the proposed spin-off and the securities investment fund was independently listed on the Shanghai Stock Exchange, and the Shanghai Stock Exchange issued an acceptance notice for the proposed spin-off on September 19. As far as the proposed spin-off is concerned, the securities investment fund manager will establish a securities investment fund as a publicly raised commercial real estate investment trust fund and sell the securities investment fund on the Shanghai Stock Exchange. The estimated size is currently estimated to be about RMB 3.82 billion, and 20% of the total fund share will be subscribed by the Group. Following the proposed spin-off, the Group will collect approximately RMB 3.24 billion in net proceeds. The assets are Shanghai Hong Kong New World Tower, which consists of Shanghai K11 Art Mall Shopping Art Center and Shanghai K11 ATELIER New World Tower. New World Development CEO Wong Siu-mei said in a statement that the NWD C-REIT will be the first Hong Kong-funded commercial real estate REIT in the Mainland. The Group owns and operates many high-quality assets in mainland China, including the Hangzhou K11 Shopping Art Center and the Shanghai K11 ELYSEA project, which will be completed one after another. The Group will continue to securitize such assets in the future, which is particularly important for recovering capital, increasing and improving liquidity and deleveraging strategies.

New World Development issued an announcement on the Hong Kong Stock Exchange stating that the proposed spin-off and the securities investment fund was independently listed on the Shanghai Stock Exchange, and the Shanghai Stock Exchange issued an acceptance notice for the proposed spin-off on September 19. As far as the proposed spin-off is concerned, the securities investment fund manager will establish a securities investment fund as a publicly raised commercial real estate investment trust fund and sell the securities investment fund on the Shanghai Stock Exchange. The estimated size is currently estimated to be about RMB 3.82 billion, and 20% of the total fund share will be subscribed by the Group. Following the proposed spin-off, the Group will collect approximately RMB 3.24 billion in net proceeds. The assets are Shanghai Hong Kong New World Tower, which consists of Shanghai K11 Art Mall Shopping Art Center and Shanghai K11 ATELIER New World Tower. New World Development CEO Wong Siu-mei said in a statement that the NWD C-REIT will be the first Hong Kong-funded commercial real estate REIT in the Mainland. The Group owns and operates many high-quality assets in mainland China, including the Hangzhou K11 Shopping Art Center and the Shanghai K11 ELYSEA project, which will be completed one after another. The Group will continue to securitize such assets in the future, which is particularly important for recovering capital, increasing and improving liquidity and deleveraging strategies.