Fleet of 14 Ferries Sold

New World Development Co has agreed to buy a fleet of 14 ferry vessels, a depot and ancillary assets from Hong Kong Ferry (Holdings) for HK$155 million. The purchase accompanied the transfer of ferry licenses for eight Hong Kong ferry routes to New World from Hong Kong Ferry. New World said it would fund the purchase from internal resources. Hong Kong Ferry said it would focus on property development and investment after the end of its licensed passenger ferry services.