New World Development : Demise of Director

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(incorporated in Hong Kong with limited liability)

(Stock Code: 0017)

DEMISE OF DIRECTOR

The board of directors (the "Board") of New World Development Company Limited (新 世界發展有限公司) ( (the "Company") regrets to announce that Mr. Cha Mou-Sing, Payson ("Mr. Cha"), an independent non-executive director of the Company, and a member of each of the audit committee, the remuneration committee and the sustainability committee of the Board, passed away on 6 November 2020 (PST) in California, USA.

Mr. Cha had been a director of the Company since 1989 and had made invaluable contribution to the Company during his tenure. The Board would like to express its deepest sorrow to the departure of Mr. Cha and convey its condolences to his family.

Following the passing away of Mr. Cha, Mr. Cha Mou-Zing, Victor ceased to be the alternate director of Mr. Cha.

By Order of the Board

Wong Man-Hoi

Company Secretary

Hong Kong, 9 November 2020

As at the date of this announcement, the Board of the Company comprises (a) seven executive directors, namely Dr. Cheng Kar-Shun, Henry, Dr. Cheng Chi-Kong, Adrian, Mr. Cheng Chi-Heng, Ms. Cheng Chi-Man, Sonia, Mr. Sitt Nam-Hoi, Ms. Huang Shaomei, Echo and Ms. Chiu Wai-Han, Jenny; (b) two non-executive directors, namely, Mr. Doo Wai-Hoi, William and Mr. Cheng Kar-Shing, Peter; and

1. five independent non-executive directors, namely Mr. Yeung Ping-Leung, Howard, Mr. Ho Hau-Hay, Hamilton, Mr. Lee Luen-Wai, John, Mr. Liang Cheung-Biu, Thomas and Mr. Ip Yuk-Keung, Albert.