Hong Kong's New World to sell shopping mall development for $514 mln

HONG KONG, March 1 (Reuters) - Hong Kong property developer New World Development 0017.HK agreed to sell to a local shopping mall with 1,000 parking spaces for HK$4.02 billion ($513.55 million).

The buyer is property peer Chinachem Group, according to a joint statement by the two companies on Friday.

($1 = 7.8279 Hong Kong dollars)

(Reporting by Clare Jim; Editing by)


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