Why Property Giant New World's Debt Woes Have Hong Kong on Edge
By and Pearl Liu
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Bankers in Hong Kong are on edge as New World Development Co., one of the city's top real estate developers, attempts to pull off an HK$87.5 billion ($11.2 billion) refinancing deal by the end of the month.
Once among the most deep-pocketed property giants in the city,New World has faced mounting liquidity pressure over the past couple of years. Its net debt reached 96% of shareholder equity at the end of 2024, according to Bloomberg Intelligence, making it one of the most leveraged developers in Hong Kong.
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