New World Gets Support From About 10 Banks for Loan Refinancing
By , Trista Xinyi Luo, and Pearl Liu
Save
New World Development Co. has secured commitments from about 10 banks for its HK$87.5 billion ($11.2 billion) loan refinancing, according to people familiar with the matter, as the cash-strapped builder races to complete the deal before the end of next month.
Major banks Bank of China Ltd., HSBC Holdings Plc and Standard Chartered Plc, local lenders Bank of East Asia Ltd., Fubon Bank (Hong Kong) Ltd., Hang Seng Bank Ltd., and French lender Credit Industriel et Commercial along with several other financial institutions have completed the internal approval process to join the deal, with total commitments exceeding HK$20 billion, the people said. More banks are going through internal credit approvals and expect to finalize their commitments in the coming weeks, they added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News24
24 minutes ago
- News24
South Korea's center-left Lee poised to win presidency
Lee Jae-myung wins South Korea's snap election. Vote follows Yoon's martial law crisis. Lee pledges unity and talks with North Korea. South Korea's center-left presidential candidate Lee Jae-myung hailed voters' 'great decision' as he was poised early on Wednesday to win a snap election by a wide margin, capping months of political chaos. Six months to the day after ex-president Yoon Suk Yeol plunged the country into crisis with his disastrous declaration of martial law, all three major broadcasters projected Lee as the likely winner, with voter turnout the highest in nearly three decades. With most votes counted, Lee of the left-leaning Democratic Party was well ahead, all but guaranteeing victory against challenger Kim Moon-soo of the conservative People Power Party (PPP), who conceded the race. 'I will humbly accept the choice of the people. Congratulations to the elected candidate Lee Jae-myung,' Kim said as the last ballots were still being counted. Lee thanked voters for placing their trust in him, saying he would do his 'utmost to fulfil the great responsibility and mission entrusted to me, so as not to disappoint the expectations of our people.' In a nod to South Korea's growing partisan divide, exacerbated by the chaos after Yoon's martial law bid, Lee said those that did not support him remained 'fellow citizens' and promised to 'move forward with hope and make a fresh start from this moment on'. He also promised to 'pursue dialogue, communication, and cooperation' between Seoul and its arch-enemy Pyongyang, with which relations plunged to their lowest level in years under Yoon's hawkish approach. 'Relieved' Lee will take office almost immediately - as soon as the National Election Commission finishes counting the votes and validates the result, likely early on Wednesday. He will face a bulging in-tray, including global trade vicissitudes chafing the export-driven economy, some of the world's lowest birth rates and an emboldened North Korea rapidly expanding its arsenal. Voter turnout was 79.4% - the highest since 1997. An exit poll by the three major broadcasters had earlier projected a victory for Lee, prompting his supporters to break into cheers outside the National Assembly, as party officials watching from inside the parliament started a chant of 'Lee Jae-myung'. For weeks, major polls had put Lee well ahead of Kim - Yoon's labour minister - who struggled with party infighting and failed to convince a third-party candidate to unify and avoid splitting the right-wing vote. After months of turmoil and a revolving door of lame-duck acting leaders, many South Koreans said they were eager for the country to move forward. Noh Min-young, 20, who has been protesting in the streets since Yoon declared martial law, told AFP she was 'relieved'. 'It's been a tough road. I'm happy because it feels like we've seized the opportunity that so many people fought for over the past six months.' 'Turning point' The fallout from Yoon's martial law declaration, which has left South Korea effectively leaderless for the first months of US President Donald Trump's tumultuous second term, was the decisive factor in the election, experts said. The vote was 'largely viewed as a referendum on the previous administration,' Kang Joo-hyun, a political science professor at Sookmyung Women's University, told AFP. Yoon's impeachment over his martial law bid, which saw armed soldiers deployed to parliament, made him the second straight conservative president to be stripped of office after Park Geun-hye in 2017. 'Lee's victory signals that the Korean public rejects illiberal and undemocratic measures such as martial law,' Gi-Wook Shin, a sociology professor at Stanford University, told AFP. Shin added: This moment will likely be remembered as a peculiar and consequential turning point in South Korea's political history. But Lee's success is due as much to his rivals' failings as his own strengths, said Minseon Ku, a postdoctoral researcher at the William & Mary Global Research Institute. 'Lee has a criminal record and was involved in several political and personal scandals,' Ku said. His rise to the presidency is 'a reflection of the deep political turmoil South Korea has been experiencing'. South Korean presidents serve a single five-year term. Police issued the highest level of alert and deployed thousands of officers to ensure the election, plus the upcoming inauguration on Wednesday, proceeded smoothly. Lee - who survived an assassination attempt last year - has been campaigning in a bullet-proof vest and delivering speeches behind a glass protective shield.
Wall Street Journal
an hour ago
- Wall Street Journal
Citibank Drops Gun Policy After Trump Accuses Banks of Discriminating
Citibank took a stand in America's gun debate seven years ago when it said it would no longer offer banking services to businesses that sold firearms to people under the age of 21. Now, the bank is dropping the policy.
Android Authority
2 hours ago
- Android Authority
What colors will the Galaxy Z Flip 7, Flip 7 FE, and Fold 7 come in? This leak may have the answer
Alex Walker-Todd / Android Authority TL;DR A report claims the Galaxy Z Flip 7 FE will be available with 128GB or 256GB of storage. The normal Flip 7 is said to have 256GB or 512GB of storage. The Galaxy Z Fold 7 may come in black, blue, and silver options. Samsung is set to launch a handful of products in its upcoming Unpacked event. We know that the Galaxy Z Flip 7 and Fold 7 will likely be headliners, but these devices could also be joined by the company's next smartwatches. There have even been rumors about an FE Flip model waiting in the wings. A new report has now given us details about the colors and storage numbers for these devices. According to WinFuture, this summer's Galaxy Unpacked presentation should include the Galaxy Z Fold 7, Flip 7, Flip 7 FE, Galaxy Watch 8, Galaxy Watch 8 Classic, and a new Galaxy Watch Ultra. It's reported that the Flip 7 FE will be available in 128GB or 256GB storage configurations. As for the colors, the outlet mentions black and white, but other color variations are unknown. Meanwhile, there are a few more details about the normal Flip 7. It's said that this foldable features 256GB and 512GB storage options, which is the same amount of storage in the Flip 6. Apparently, there are three available colors, which include blue, black, and 'Coral Red.' The Fold 7 may also come in three color variations, including 'Blue Shadow,' black, and silver. There's no information on the storage configurations for the Fold 7. Moving on to the smartwatches, the Galaxy Watch 8 is reported to be available in 40mm and 44mm sizes and comes in 'Graphite' or silver. The Classic version, on the other hand, may sport black or white colors. We recently got a few early CAD-based renders of the Galaxy Watch 8 Classic in its black hue, if you want to get an idea of how it may look. Unfortunately, there are no details on the next Ultra model. Got a tip? Talk to us! Email our staff at Email our staff at news@ . You can stay anonymous or get credit for the info, it's your choice.
