Hong Kong Property Developer New World Development Addresses Market Speculations
New World Development, a prominent property developer in Hong Kong, has dismissed recent media rumors regarding its operations and financial obligations, emphasizing that its business continues as usual.
The company issued a clarification earlier this week, denying market speculations that it had initiated discussions with creditors to restructure its existing debt. New World Development remains committed to engaging with its stakeholders and addressing market rumors and concerns.
Despite having the highest debt among its Hong Kong peers, the property developer has refinanced approximately HK$17.76 billion ($2.28 billion) of its bank loans since July 2024. However, this represents only a fraction of its total debt, which stood at HK$199 billion as of July 2024, according to data from JPMorgan.
New World Development has also experienced executive governance changes. Former CEO Adrian Cheng stepped down in September, followed by Eric Ma, who was replaced by Echo Huang, an executive director and former CEO of New World China Land.