Hong Kong’s New World Development has faced challenges in selling its assets, including the K11 Art Mall in Tsim Sha Tsui. Despite ongoing discussions with potential buyers, including a subsidiary of China Resources Group, no binding agreement has been reached. A price discrepancy with China Resources Land, which offered HK$6 billion ($766 million), has stalled the sale. New World Development recently reported a loss of HK$17.13 billion ($2.19 billion) for the 2024 fiscal year, marking the first loss in 20 years. As part of its efforts to raise funds, the company also sold shares in several K11-related companies to AC Group Limited for HK$209 million ($26.7 million) and sold its entire stake in New World Sports Development Limited to Chow Tai Fook for HK$417 million ($53.3 million).