---
title: "New World pulls back on Causeway Bay acquisition amid uneven recovery"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/281521309.md"
description: "Hong Kong's New World Development has paused its acquisition of remaining stakes in three commercial sites in Causeway Bay, reflecting caution among developers despite some recovery in the office market. The company, which is reducing debt, emphasized prudence in its approach to market conditions. Analysts note a two-speed recovery in the commercial property market, with high vacancy rates persisting in many sectors. NWD may still explore options for full control of the sites, including compulsory acquisition or private sales, while considering the potential for third-party sales if redevelopment plans are not immediate."
datetime: "2026-04-02T12:08:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281521309.md)
  - [en](https://longbridge.com/en/news/281521309.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281521309.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/281521309.md) | [繁體中文](https://longbridge.com/zh-HK/news/281521309.md)


# New World pulls back on Causeway Bay acquisition amid uneven recovery

Hong Kong’s New World Development (NWD) has shelved plans to acquire the remaining stakes in three commercial sites in Causeway Bay, signalling continued caution among developers despite signs of improving demand in the core office market. The company, which has been selling assets to reduce debt, said it would “exercise prudence as appropriate, having regard to cost and efficiency, as well as overall market supply and demand, with a view to delivering reasonable returns”. NWD, which reported total debt of HK$144.3 billion (US$18.4 billion) as of December, had applied in October for a compulsory sale to buy out minority owners of the sites at Percival Street, Russell Street and Lee Garden Road. Such sales allow developers to force the sale of ageing buildings once ownership thresholds – typically between 65 and 90 per cent, depending on factors such as age and location – are met, facilitating redevelopment and, in some cases, boosting housing supply. The move comes as analysts point to a two-speed recovery in Hong Kong’s commercial property market “Currently, recovery is mainly in the core Central office leasing market; other office sectors and the broader retail market remain under pressure,” said Alkan Au, head of value and risk advisory for Hong Kong and Macau at JLL. Vacancy rates in the prime office segment remained elevated at 13.4 per cent in February, little changed from a month earlier, according to JLL. In Central, however, vacancies fell to 9.9 per cent — the first time since December 2023 that the rate has dipped below 10 per cent. “Given the sluggish pace of the commercial recovery, developers are particularly cautious regarding redevelopment sites,” Au said, noting that the high capital costs and long payback periods of ground-up projects made them less attractive than en bloc buildings, which can generate immediate occupancy or rental income. With about 2 million sq ft of new grade A office space due for completion this year and next, S&P Global Ratings said the sector continued to face oversupply. In the retail property segment, the credit-rating agency said recovery in non-discretionary spending was “less certain” than in the luxury segment. “Recovery is not broad-based; it is concentrated within select grade A office towers and for some landlords adept at attracting luxury retail tenants,” it said in a report on Thursday. NWD still has options to secure full control of the sites, according to Vincent Cheung, managing director at Vincorn Consulting and Appraisal. “The developer may consider both compulsory acquisition and a private sale to buy out the remaining shares of the sites,” he said. “But it cannot be ruled out that they may also consider selling the project to a third party if they have no immediate plans for redevelopment.”

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