New World Development and Ares SSG to form a $392m joint venture.

New World Development, a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores, and Ares SSG, one of the largest alternative asset managers in Asia-Pacific, agreed to form a $392m joint venture. "The Group is pleased to welcome Ares SSG as a strategic investor in the Wing Hong Street project. NWD is confident in the development prospects of West Kowloon, and has been proactive in forward planning. In the next few years, various top-tier commercial projects under the Group will come to life in phases across the strategic business location of Cheung Sha Wan. Our close collaboration with Ares SSG and other business partners will forge the first grade-A commercial complex in the core business district of West Kowloon. Not only will this meet the burgeoning demand for grade-A office buildings in the district, but it will also breathe a new dynamic into the development of West Kowloon," Edward Lau, New World Development CFO.