New World to boost stake in Guangzhou road project

NWS Holdings, the services and infrastructure arm of Hong Kong property developer New World Development, is increasing its stake in a Guangzhou expressway development project for US$17.17 million.

The Hong Kong-listed company said it would acquire a further 15.3 percent interest in Guangzhou Dongxin Expressway to bring its total stake to 40.8 percent.

Total investment for the project amounts to about $769.23 million.

Currently under construction, the six-lane Guangzhou Dongxin Expressway stretches 46.2 km, and connects other highways to link Guangzhou rail station with Nansha Port and the new Guangzhou international airport.

The expressway is expected to be fully operational by the end of 2009.