Hong Kong’s New World Development ‘actively engaged’ with creditors on loan refinance
The update follows media reports that the city property developer, which has one of the highest debt ratios among its peers, is nearing a loan refinancing deal
[BENGALURU] Hong Kong’s New World Development said on Monday (Jun 23) that it remains “actively engaged” with creditors to refinance existing loans and that talks are ongoing.
The update follows media reports that the Hong Kong property developer, which has one of the highest debt ratios among its peers, is nearing a loan-refinancing deal.
Last week, Bloomberg News reported that the company was close to securing a HK$87.5 billion (S$14.4 billion) deal, citing sources with knowledge of the matter.
Markets are closely watching New World’s debt issues, wondering if they might signal a sector crisis similar to the one that hit mainland China in 2021.
The company paid US dollar bond interest, due on Jun 16, Reuters reported earlier this month, citing sources, after the developer flagged it would defer coupon payments worth US$77.2 million on four perpetual bonds scheduled for June.
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