27 April 2026Business & Strategy
New World Development swaps $1.9bn debt at 50 cents
Hong Kong developer New World secured 65 percent early agreement on swapping perpetual bonds, offering old notes at 50 cents on the dollar as part of a $1.9 billion debt exchange. The company plans to issue $1.6 billion in new perpetuals and $300 million in new notes, targeting debt reduction of at least $1 billion after adjustments for working capital and carve-out costs. NWD carries the highest debt load among Hong Kong developers and recorded a HK$2.7 billion impairment on its 11 Skies mall near the airport. The exchange reflects prolonged pressure from Hong Kong and mainland China's property slump, forcing developers to restructure or face liquidity crises.
From Trump orders Navy blockade as Iran talks collapse