Latest news with #K11Musea
Forbes
2 days ago
- Business
- Forbes
Hong Kong's New World Development Tumbles On Bond Payment Delays Amid Debt Troubles
New World Development's K11 Musea shopping mall, part of the company's flagship Victoria Dockside development in Hong Kong's Tsim Sha Tsui district. Paul Yeung/Bloomberg Shares of New World Development, controlled by Hong Kong's billionaire Cheng family, dropped almost 6.5% on Monday after the debt-laden property developer deferred interest payments on several bonds, deepening investor concerns over its liquidity. In a filing to the Hong Kong stock exchange on Friday, New World said it had postponed the coupon payments on two perpetual bonds due on June 9 and June 10. The company added that it plans to defer payments on two other bonds due later this month. New World has been struggling to turn around its business amid an ongoing property downturn in Hong Kong and mainland China, prompted by a mix of challenges including the pandemic and interest rate hikes. In the six months ended December, the company posted a net loss of HK$6.6 billion ($846 million), due to writedowns on its residential and commercial properties. With improved property sales, its revenue dipped 1.6% to HK$16.8 billion. Weighed down by HK$124.6 billion in debt, New World reported a net gearing ratio of 57.5%, the highest among Hong Kong major property developers. New World's decision to defer bond interest payments 'is not too surprising given that it still sees quite high liquidity pressure,' said Jeff Zhang, an equity analyst at research firm Morningstar. 'Despite the recent acceleration of property sales, we don't really think New World's liquidity has improved significantly.' Zhang said New World's progress of bond interest payments hinges on loan refinancing. The property developer has asked banks to refinance HK$87.5 billion of its loans by the end of June, and had so far secured written commitments for 60% of that amount, Bloomberg reported on Monday, citing unnamed sources. 'If refinancing is proceeding as planned, New World will likely avert any imminent default,' said Zhang. In February, New World CEO Echo Huang set out plans to reduce the size of the company's debt, including cutting capital expenditures and improving rental returns. Huang, ex-CEO of subsidiary New World China Land, in November replaced Eric Ma, just two months after the former New World COO was promoted to the top job. It came after Adrian Cheng, the third-generation scion of the Cheng family and the erstwhile heir apparent, stepped down as New World's CEO in September as company reported its biggest-ever annual net loss.
South China Morning Post
3 days ago
- Business
- South China Morning Post
2.3% rise in mainland visitors to Hong Kong on first day of Dragon Boat Festival
Hong Kong has recorded a 2.3 per cent increase against last year in the number of mainland Chinese tourists arriving on the first day of the Tuen Ng Festival holiday, as some opted to avoid crowds across the border and instead experience the city's festive vibe. Data published by the Immigration Department on Sunday showed that 139,585 visitors from the mainland arrived in the city on Saturday, the start of what is a three-day long weekend across the border. The city also recorded 574,895 outbound trips on Saturday, slightly more than the 570,000 estimated by authorities. The departures included 432,342 Hong Kong residents, which was also a 17 per cent drop from the 521,759 last year. Tourists and locals headed out to soak up the festivities on Sunday, with dozens of children and their parents queuing to enjoy an interactive drum game that mimicked a dragon boat race outside the K11 Musea shopping centre. Many also gathered near a photo spot that was set up by the Tourism Board and Ocean Park with cut-outs of six pandas and dragon boats against the backdrop of Victoria Harbour.
South China Morning Post
31-03-2025
- Entertainment
- South China Morning Post
Hong Kong's Art March boasts new large-scale works by local, US artists
Tamar Park, located next to Victoria Harbour in Hong Kong's Admiralty, will soon be 'submerged' in water. Advertisement Not by an actual flood, though, but by 600 outsize water droplets made with recycled plastic as a ticketed art installation running from April 1 to June 13 as a continuation of Hong Kong's Art March. Large-scale showcases of sculptures, alongside contemporary art fairs, festivals, exhibitions and auctions, can be seen across the city during this period, including Dancing Water Drops, the brainchild of Hong Kong artist Simon Ma Hing-man. Others include The Lobster Painter, a 7.5-metre-high (24.6 feet) steel sculpture by British artist Philip Colbert at K11 Musea promenade, and Lunar Rainbow by Hong Kong artist Phoebe Hui, a 56-square-metre (603 sq ft) installation made up of 49 pieces of plate aluminium showing fragmented images of the moon, at the Peninsula Hong Kong hotel. 'It felt like Hong Kong artists didn't really do large-scale installations [in the past]. Many of the previous ones shown in the city were by overseas artists such as KAWS [from the US] and Continuous – the illuminated eggs [by TeamLab from Japan],' Ma said. Advertisement 'There is an emotional bond, to be able to return and do this in my hometown. It's my wish to help Hong Kong art go international,' he added, as different renditions of his water droplets exhibition were previously shown in Rome, Venice, Dubai, Shanghai, and Hangzhou.
Buzz Feed
12-02-2025
- Entertainment
- Buzz Feed
I Created The Ultimate Hong Kong Itinerary For Art Buffs – And Your Culture-Loving Heart Can Thank Me Later
We hope you love this article! Just so you know, this content is sponsored and BuzzFeed may collect compensation for promoting it. BuzzFeed does not allow sponsors to have editorial control over sponsored content. Hong Kong is the ultimate hotbed for arts and culture any time of year, but March is the perfect time to get away to this cosmopolitan metropolis so you can devour all of the creativity Hong Kong Arts Month has to offer. Here's how to get your art appreciation on! 1. Don't risk getting FOMO! Start by checking out the super cool works from the next gen of contemporary artists from not only Hong Kong and Asia, but from around the globe at the annual art fair Art Central. This includes Neo (where artists on the rise are showcased) and also interactive performance pieces where you get to be part of the art! 2. For a chill morning of playing tourist, kick off your vacay at a coffee shop in trendy Sai Ying Pun and then poke around the charming neighbourhood until you stumble onto ARTLANE — two streets where local and international artists have done up the walls with spectacular murals. 3. Keep your energy up by grabbing dim sum in Old Town Central when you feel peckish. Then walk off some of those dumplings and get some fresh air by checking out the murals and street art in this vibrant neighbourhood. 4. Get even more steps in by taking the Sun Yat Zen Historical Trail, where 16 stops feature art installations that share the story behind Dr. Sun Yat Zen, one of the founders of the Republic of China. 5. If you're in town in March, the city's bustling streets in Central and Western District get a vibrant makeover during Hong Kong's art month as local and international artists make over walls in Hong Kong's biggest street art festival, HKWALLS. Past artists include Lousy, Siukins, Jaune and Alice Pasquini. 6. Obviously, as a jet-setting aesthete visiting Hong Kong in late March, you'll need to be dedicating a chunk of your itinerary to Art Basel! This year, the renowned art fair's Hong Kong edition showcases the work from artists from 42 countries and territories. 7. If you're looking to take a break from Hong Kong's great outdoors, head across the harbour to K11 Musea. Hello, sensory overload – in the best way! This quadruple threat of a hot spot is not only an architectural design stunner, it's also an art destination, a mall, and is loaded with gourmet dining options. 8. Take Hollywood's Walk of Fame but spotlight Hong Kong's brightest stars, swap in glittering Hong Kong Island skyline views and you've got Avenue of the Stars. Besides checking out the celebrity hand prints and plaques, be sure to snap a shot of the bronze statue of martial arts icon Bruce Lee. Tip: Plan to explore this promenade in the evening so you can enjoy the Symphony of Lights while you're out there, too. 9. Imagination gone wild? Yes! WestK hosts FunFest, a great-for-all-ages festival that celebrates creativity and imagination. Head to West Kowloon for at least one full day of art-filled adventures. This year's FunFest includes Canadian dance company CORPUS performing La bulle (Spoiler alert: it features a Pierrot mime and a transparent bubble tent!). 12. Pack your opera glasses for your West Kowloon day, too! Catch a performing arts show at the world-class venue Xiqu Centre –where you can experience Cantonese opera and traditional Chinese musical theatre. Ready to soak up all of Hong Kong's art inspo? It's never been easier with Air Canada. Book your flight now! Air Canada
