(Reuters) – Hong Kong property developer New World Development is in talks with banks to extend the due dates of some bilateral loans, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The indebted company swung to an annual loss in 2024, as it grapples with the highest debt among its Hong Kong peers at HK$199 billion ($25.61 billion), according to JPMorgan data in July.
New World, owned by billionaire tycoon Henry Cheng and family, has also been facing executive governance issues, with heir Adrian Cheng stepping down as CEO in late September and Ma Siu-Cheung who took the helm, resigned just two months later.
A spokesperson, in a statement on New World’s website, said the firm continues to “comply with disclosure requirements and provide timely and appropriate updates to (its) investors and shareholders,” adding that it would focus on implementing its existing corporate strategy.
Bloomberg had added that it was unclear how much of a delay the embattled property firm is seeking for each loan.
($1 = 7.7705 Hong Kong dollars)
(Reporting by Rishabh Jaiswal and Shivangi Lahiri in Bengaluru and Sumeet Chatterjee in Hong Kong; Editing by Abinaya Vijayaraghavan and Shailesh Kuber)
