Latest news with #K11Musea
Bloomberg
2 days ago
- Business
- Bloomberg
New World Seals Deal for Louis Vuitton's New Hong Kong Megastore
Hong Kong's New World Development Co. has secured an agreement with Louis Vuitton to open a new megastore in the financial hub, according to people familiar with the matter, as global luxury giants eye bigger, more unique spaces to lure wealthy shoppers. The store is expected to open at the end of 2026 at New World's glitzy K11 Musea mall, following extensive renovations on a space that will be one of the label's largest in Asia, some of the people said, asking not to be identified discussing matters that are not yet public.
South China Morning Post
09-06-2025
- South China Morning Post
Man arrested for igniting fireworks at Hong Kong's Avenue of Stars
Hong Kong police have arrested a mainland Chinese man for allegedly discharging fireworks at Tsim Sha Tsui's Avenue of Stars. The arrest followed a video that had been circulating on social media since Sunday, showing a man with a braid igniting a firework stick at the waterfront promenade near K11 Musea. In the clip, the man was heard speaking in Mandarin, repeatedly telling the person filming to stop recording. Officers from the Yau Tsim police district arrested a 21-year-old man from the mainland in the Tsim Sha Tsui area on Monday afternoon, a force spokesman said. The man is suspected of illegal possession and discharge of fireworks near the waterfront by K11 Musea and is currently held for investigation. Under the Dangerous Goods Control Ordinance, the possession, discharge, or importation of fireworks in Hong Kong is prohibited. Offenders may face a maximum penalty of a HK$25,000 fine and six months in jail.
Forbes
02-06-2025
- Business
- Forbes
Hong Kong's New World Development Tumbles On Bond Payment Delays Amid Debt Troubles
New World Development's K11 Musea shopping mall, part of the company's flagship Victoria Dockside development in Hong Kong's Tsim Sha Tsui district. Paul Yeung/Bloomberg Shares of New World Development, controlled by Hong Kong's billionaire Cheng family, dropped almost 6.5% on Monday after the debt-laden property developer deferred interest payments on several bonds, deepening investor concerns over its liquidity. In a filing to the Hong Kong stock exchange on Friday, New World said it had postponed the coupon payments on two perpetual bonds due on June 9 and June 10. The company added that it plans to defer payments on two other bonds due later this month. New World has been struggling to turn around its business amid an ongoing property downturn in Hong Kong and mainland China, prompted by a mix of challenges including the pandemic and interest rate hikes. In the six months ended December, the company posted a net loss of HK$6.6 billion ($846 million), due to writedowns on its residential and commercial properties. With improved property sales, its revenue dipped 1.6% to HK$16.8 billion. Weighed down by HK$124.6 billion in debt, New World reported a net gearing ratio of 57.5%, the highest among Hong Kong major property developers. New World's decision to defer bond interest payments 'is not too surprising given that it still sees quite high liquidity pressure,' said Jeff Zhang, an equity analyst at research firm Morningstar. 'Despite the recent acceleration of property sales, we don't really think New World's liquidity has improved significantly.' Zhang said New World's progress of bond interest payments hinges on loan refinancing. The property developer has asked banks to refinance HK$87.5 billion of its loans by the end of June, and had so far secured written commitments for 60% of that amount, Bloomberg reported on Monday, citing unnamed sources. 'If refinancing is proceeding as planned, New World will likely avert any imminent default,' said Zhang. In February, New World CEO Echo Huang set out plans to reduce the size of the company's debt, including cutting capital expenditures and improving rental returns. Huang, ex-CEO of subsidiary New World China Land, in November replaced Eric Ma, just two months after the former New World COO was promoted to the top job. It came after Adrian Cheng, the third-generation scion of the Cheng family and the erstwhile heir apparent, stepped down as New World's CEO in September as company reported its biggest-ever annual net loss.
South China Morning Post
01-06-2025
- Business
- South China Morning Post
2.3% rise in mainland visitors to Hong Kong on first day of Dragon Boat Festival
Hong Kong has recorded a 2.3 per cent increase against last year in the number of mainland Chinese tourists arriving on the first day of the Tuen Ng Festival holiday, as some opted to avoid crowds across the border and instead experience the city's festive vibe. Data published by the Immigration Department on Sunday showed that 139,585 visitors from the mainland arrived in the city on Saturday, the start of what is a three-day long weekend across the border. The city also recorded 574,895 outbound trips on Saturday, slightly more than the 570,000 estimated by authorities. The departures included 432,342 Hong Kong residents, which was also a 17 per cent drop from the 521,759 last year. Tourists and locals headed out to soak up the festivities on Sunday, with dozens of children and their parents queuing to enjoy an interactive drum game that mimicked a dragon boat race outside the K11 Musea shopping centre. Many also gathered near a photo spot that was set up by the Tourism Board and Ocean Park with cut-outs of six pandas and dragon boats against the backdrop of Victoria Harbour.
South China Morning Post
31-03-2025
- Entertainment
- South China Morning Post
Hong Kong's Art March boasts new large-scale works by local, US artists
Tamar Park, located next to Victoria Harbour in Hong Kong's Admiralty, will soon be 'submerged' in water. Advertisement Not by an actual flood, though, but by 600 outsize water droplets made with recycled plastic as a ticketed art installation running from April 1 to June 13 as a continuation of Hong Kong's Art March. Large-scale showcases of sculptures, alongside contemporary art fairs, festivals, exhibitions and auctions, can be seen across the city during this period, including Dancing Water Drops, the brainchild of Hong Kong artist Simon Ma Hing-man. Others include The Lobster Painter, a 7.5-metre-high (24.6 feet) steel sculpture by British artist Philip Colbert at K11 Musea promenade, and Lunar Rainbow by Hong Kong artist Phoebe Hui, a 56-square-metre (603 sq ft) installation made up of 49 pieces of plate aluminium showing fragmented images of the moon, at the Peninsula Hong Kong hotel. 'It felt like Hong Kong artists didn't really do large-scale installations [in the past]. Many of the previous ones shown in the city were by overseas artists such as KAWS [from the US] and Continuous – the illuminated eggs [by TeamLab from Japan],' Ma said. Advertisement 'There is an emotional bond, to be able to return and do this in my hometown. It's my wish to help Hong Kong art go international,' he added, as different renditions of his water droplets exhibition were previously shown in Rome, Venice, Dubai, Shanghai, and Hangzhou.
