Hong Kong's New World Development plans to redeem $1B perpetual bond in 2025 and sell $1B non-core assets to improve financial health.
Hong Kong's New World Development, controlled by the Cheng family, plans to redeem a $1B perpetual bond in 2025 and sell $1B in non-core assets to improve financial health. The company's bond prices fell to record lows last year, increasing liquidity concerns. Recent actions include increased stake by the Cheng family, bond buybacks, and efforts to optimize debt profile. New World has secured a multibillion-yuan loan backed by its Shanghai K11 mall and refinanced a $9.5B loan with Abu Dhabi Investment Authority.
June 27, 2024
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