Latest news with #NewWorldDevelopment
Malay Mail
43 minutes ago
- Business
- Malay Mail
Hong Kong shares dip to three-week low as tariff concerns flare again
HONG KONG, June 2 — Hong Kong stocks weakened to a three-week low in early trade on Monday as renewed Sino-US tariff tensions weighed on sentiment. The city's benchmark Hang Seng Index slipped 2.4 per cent to 22,734.05, the lowest level since May 8, while Hang Seng China Enterprises Index tracking mainland companies tumbled 2.7 per cent. Concerns over Sino-US trade tensions flared up again on Monday following a fresh spat over tariffs. China's Commerce Ministry rebuked US President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva talks, calling them 'groundless,' and vowed to take 'forceful measures' to safeguard its legitimate rights and interests. The declines were across the board, with the Hang Seng Tech Index, property subindex and healthcare sector all sliding more than 3 per cent. Among the biggest laggards, local property firm New World Development plunged more than 10 per cent to a fresh two-month low after it deferred coupon payments. — Reuters
Reuters
an hour ago
- Business
- Reuters
New World Development drops after company to defer coupon payments
HONG KONG, June 2 (Reuters) - Shares of New World Development ( opens new tab dropped as much as 9.8% after the Hong Kong property developer said it would defer coupon payments scheduled for June on perpetual bonds, casting further liquidity concerns for the cash-strapped firm. The shares fell to HK$4.32 ($0.5508) each, their lowest since April 9. That compared to a 1.9% fall in benchmark Hang Seng Index. (.HIS), opens new tab ($1 = 7.8428 Hong Kong dollars)
CNA
an hour ago
- Business
- CNA
New World Development drops after company to defer coupon payments
HONG KONG :Shares of New World Development dropped as much as 9.8 per cent after the Hong Kong property developer said it would defer coupon payments scheduled for June on perpetual bonds, casting further liquidity concerns for the cash-strapped firm. The shares fell to HK$4.32 ($0.5508) each, their lowest since April 9. That compared to a 1.9 per cent fall in benchmark Hang Seng Index. ($1 = 7.8428 Hong Kong dollars)
Bloomberg
8 hours ago
- Business
- Bloomberg
New World's Bond Coupon Delay Raises Three Questions
In the bond world, not calling a perpetual is bad. But not repaying coupon? That's way worse. Hong Kong-based New World Development Co.'s decision to defer interest payments on four perpetual notes took investors by surprise. While this is by no means an action of default — a perpetual resembles an equity when business conditions get tough — it's nonetheless a highly unconventional move.
South China Morning Post
2 days ago
- Business
- South China Morning Post
NWD-led group gets US$166 million from sale of 24 luxury homes in Southern district
A consortium of developers, led by New World Development (NWD), raked in HK$1.3 billion (US$166 million) from the sale of 24 luxury units in Hong Kong's Southern district, as wealthy buyers take advantage of a market downturn to acquire prized assets. Advertisement On Friday, a 1,706 sq ft, four-bedroom unit in Deep Water Pavilia, a 447-unit luxury residential project in Wong Chuk Hang, sold for HK$85.3 million, or HK$50,000 per square foot – the highest in absolute terms and on a per-square-foot basis in the district in recent years, according to a statement from NWD on Friday. The developer owns 50 per cent of the project. The deal broke a record set just a few days earlier by a unit of the same size in the same development, which sold for HK$82 million. The buyers of the 24 flats included people from The Peak, the Southern district, Kowloon, as well as affluent individuals from mainland China and overseas, five of whom bought two units each, NWD said on Monday. One foreign buyer spent HK$147.3 million on two four-bedroom flats, including the one that cost HK$82 million. Analysts attributed the project's success – which benefits from a prime location overlooking Deep Water Bay and easy access to public transport – to improving market sentiment and declining interest rates. Advertisement The one-month Hong Kong interbank offered rate (Hibor), which is linked to mortgage loans, is currently at its lowest point in nearly three years.
