New World Development completes $11.24 billion loan refinancing to avoid default in tough market.

New World Development, a Hong Kong property developer, has completed a massive HK$88.2 billion ($11.24 billion) loan refinancing, one of Hong Kong's largest. This deal, finalized after months of negotiations, aims to help the company avoid default in a struggling property market. CEO Echo Huang thanked the banking community and highlighted plans to focus on reducing debt and improving cash flow.