Sale of 11 Skies could relieve New World of more liabilities, UBS says
'Any successful disposal of 11 Skies could be a positive catalyst for NWD,' analysts at the Swiss bank said in a report on Thursday. The project 'is embedded with contingent liabilities' of HK$1.8 billion (US$229.3 million) in guaranteed annual rental payable to the Airport Authority from 2028, it added.
The beleaguered developer has held early-stage talks with the Airport Authority to discuss its plans for the asset, Bloomberg reported, citing people it did not identify.
11 Skies offers 3.8 million sq ft of gross floor area for mixed-use purposes, to be ready in phases from mid-2026. The project sits between Hong Kong International Airport and the Hong Kong-Zhuhai-Macau Bridge. The HK$20 billion complex forms part of SkyCity, which will have more than 800 shops, 120 dining options, an indoor entertainment hub and three high-grade office towers.
The Skycity project near Hong Kong International Airport. Photo: Keith Chan
NWD had HK$146.5 billion of bank loans, other loans and fixed rate bonds and notes payable on December 31, according to its accounts published in March. Its consolidated net debt stood at HK$124.6 billion, with net gearing rising to 57.5 per cent from 55 per cent a year earlier.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
India to issue first tourist visas to Chinese nationals in 5 years
India will allow Chinese citizens to apply for tourist visas for the first time in five years amid ongoing efforts by the world's two most populous countries to improve relations following years of tension. The Indian embassy in Beijing said applications for tourist visas would resume on Thursday. It said applicants must complete an online form then book an in-person appointment to submit the required documents at centres in Beijing, Shanghai or Guangzhou. China's foreign ministry described the announcement as a 'positive move' that served the 'common interest' of all sides. 'China stands ready to maintain communication and coordination with India to keep facilitating people-to-people exchanges between the two countries,' Guo Jiakun, a spokesman for the ministry, said on Wednesday.
The Standard
an hour ago
- The Standard
China to tighten road traffic laws as use of smart-driving systems expands
A Xiaomi SU7 Ultra electric vehicle is displayed during a media day for the Auto Shanghai show in April 23. Photo by REUTERS
South China Morning Post
an hour ago
- South China Morning Post
Was it politics? Indonesian ex-minister Thomas Lembong's jail term ignites debate
A recent prison sentence for a former Indonesian trade minister has raised eyebrows over alleged political motivations, given the defendant's loyalty to an opposition politician. Last Friday, judges at a corruption court in Jakarta sentenced Thomas Trikasih Lembong to 4½ years in jail and a fine of 750 million rupiah (US$46,000) for improperly granting sugar import permits , during what the prosecutor said was a surplus of local production, when he was trade minister in 2015-16. Prosecutors previously sought seven years' imprisonment for Lembong. Sugar production in 2015 reached 2.49 million tons, while domestic consumption was 2.12 million tons, according to data from the statistics agency. Prosecutors also argued that the policy was issued without inter-ministries discussion, as well as recommendation from the Ministry of Industry. Lembong's defence team has denied wrongdoing, saying there was a sugar deficit at that time. Harvard graduate Lembong was campaign manager for losing candidate Anies Baswedan in last year's presidential election . Both men served as ministers under former president Joko Widodo 's first-term cabinet, before they were reshuffled in July 2016. Lembong was once Widodo's close ally, having written speeches for Widodo from 2013, when he was Jakarta governor, until the end of his first-term presidency in 2019. Among famous Lembong-made speeches for Widodo was his Game of Thrones-laden address during the International Monetary Fund meeting in Bali in 2018, when the former president said 'winter is coming' due to the unstable global economy.
