'As usual' is how New World Development in Hong Kong
describes corporate activities.
In response to "media rumours" regarding its operations and financial
commitments, Hong Kong-based real estate developer New World Development stated
on Thursday that it is continuing to do business as usual.
In response to market rumors, the company clarified earlier this week that it
had not initiated talks with creditors on a proposal to restructure its current
debt.
The business stated that it was still communicating with its stakeholders and
that it was aware of market rumors and conjecture regarding its activities.
Among its peers in Hong Kong, New World Development has the greatest debt.
Since July 2024, it has refinanced around HK$17.76 billion ($2.28 billion) of
its bank loans.
Nevertheless, according to JPMorgan data from July 2024, this represents a
small portion of the HK$199 billion in debt it possessed.
With the resignation of Adrian Cheng, the former CEO of the group's founding
Cheng family, in September, the real estate developer has also been dealing
with executive governance concerns.
Eric Ma succeeded Cheng, and two months later Echo Huang, the company's
executive director and CEO of New World China Land since 2020, took over.
$7.7898 Hong Kong dollars is equal to $1.
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