(Reuters) – Hong Kong property developer New World Development said on Monday it had not started any discussions with creditors regarding a proposal to restructure its existing debt.
The embattled developer’s clarification came after it noted certain “market rumours” over restructuring talks.
New World has the highest debt among its Hong Kong peers at HK$199 billion ($25.57 billion), JPMorgan data showed in July, and the company has hastened the sale of its assets to raise funds.
The company, 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 replacement Eric Ma resigning just two months later. ($1 = 7.7829 Hong Kong dollars)
(Reporting by Himanshi Akhand in Bengaluru; Editing by Savio D’Souza)
