- 23 May 2003 -
New World Group to Contribute HK$40 Million to the Avenue of Stars

Dr. Henry Cheng Kar-shun, Managing Director of New World Development Company Limited, (Hong Kong stock code: 0017) today officially signed an agreement with Mrs. Loran Mao, Assistant Director of Hong Kong's Leisure and Cultural Services Department, to finance the project Avenue of Stars, following the joint press conference organized by the Hong Kong Tourism Board yesterday.

Speaking at the signing ceremony, Dr. Henry Cheng Kar-shun said, "The New World Group is a strong supporter of the Hong Kong government's determination to revive tourism. We look forward to working closely with the tourism industry on this exciting project and we are happy to do our part in rebuilding this important pillar of the Hong Kong economy."

He added, "Hong Kong's successes ride on our ability to turn adversities into opportunities. In view of the current economic downturn, now is the time for us to work together in rebuilding our home, Hong Kong, and the spirit of the Hong Kong people."

The New World Group will contribute HK$40 million for the design and construction of the project and will be responsible for the management and maintenance work of the Avenue for 20 years. The construction is scheduled to commence in June 2003, with the first phase of the project be completed in the second quarter of 2004.

- END -