Staff reporter

New World Development (0017) sold two flats at its State Pavilia residential project in North Point to Katherine Ip Mei-hing for HK$14.86 million, the wife of the developer's chairman Henry Cheng Kar-shun.

NWD said the net proceeds would supplement the general working capital of the firm and strengthen its liquidity and financial position, in to a filing to the Stock Exchange of Hong Kong.

Prior to Ip's purchase, chief executive Echo Huang Shaomei bought a unit and a car parking space at State Pavilia for HK$54.88 million, or HK$36,058 per square foot.