Latest news with #TsimShaTsui
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
2 days ago
- General
- South China Morning Post
7 people injured, HK$400,000 watch stolen after Hong Kong street fight
At least seven people have been injured during a street fight in Hong Kong's Tsim Sha Tsui, with one victim claiming his HK$400,000 (US$51,000) watch has been stolen, according to police. Advertisement The force said it received a call at 3.22am on Monday reporting that four men attacked the seven people near 4 Austin Avenue. The attackers, who used their arms and legs during the assault, fled the scene afterwards. According to preliminary investigations, the attackers, who allegedly stole the 31-year-old victim's watch, had a dispute with the seven men over eye contact. The seven men, aged 19 to 31, suffered various injuries to their noses, mouths, heads, arms and stomachs. They were sent to Queen Elizabeth Hospital for treatment. The attackers, believed to be between 20 and 30 years old, were all clad in black. Advertisement Yau Tsim district crime squad is following up on the case, which has been classified as wounding and theft. No arrests have been made so far.
South China Morning Post
3 days ago
- Entertainment
- South China Morning Post
Fans bid fond farewell as curtain falls on Hong Kong's Grand Ocean Cinema
More than 100 film lovers bid an emotional farewell to one of Hong Kong's oldest cinemas on Sunday, with many taking the last chance to take selfies as a final memento. Dozens gathered at the iconic back entrance stairwell of the Golden Harvest Grand Ocean Cinema in Tsim Sha Tsui, snapping photos of the theatre's final hours before it closed its doors for good after 56 years. All five shows on the day were sold out, including three rounds of 'blind-box' films, where the audience did not know which films would be screened until they started. Wong Kai-Yu, 51, who works in the photography industry, went with his wife to watch American animated comedy Lilo & Stitch to rekindle the mood of their dates in the 1990s, as they were unable to get 'blind-box' movie tickets. 'Back then, we'd go to the cinema about once a week to watch a movie, chat and relax. Entertainment options were simpler, and going to the films felt like a big deal,' Wong said. 'I still remember the first movie I watched at the Grand Ocean Cinema was Raiders of the Lost Ark,' he said, referring to a Hollywood adventure classic in 1981. He noted that film tickets had become quite expensive and that forms of entertainment had evolved over the years, meaning watching a film in a cinema might not be people's top priority.
The Standard
3 days ago
- Entertainment
- The Standard
Last reel for Grand Ocean Cinema after 56 years of screening in Tsim Sha Tsui
Last reel for Grand Ocean Cinema after 56 years of screening in Tsim Sha Tsui
South China Morning Post
7 days ago
- Entertainment
- South China Morning Post
Your Hong Kong weekend drinks guide for May 30
There's a wide array of events this weekend for all types of drinkers as we close out the month of May! Start the weekend by bidding farewell to industry stalwart Stockton, which has been setting the standard from its discreet Wyndham Street location for more than a decade. Over in Tsim Sha Tsui, the Hong Kong Whisky Festival returns, showcasing a mind-boggling array of drams through Saturday and Sunday. Finally, close out the weekend at The Savory Project as the bar turns two, hosting Native from Singapore and serving a signature cocktail made with Bakehouse goods. Friday, May 30 Stockton closes its doors after over a decade Stockton bar on Hong Kong's Wyndham Street is closing after 12 years. Photo: Handout What: One of Hong Kong's original speakeasies – tucked away discreetly on Wyndham Street, a stone's throw from the Fringe Club – Stockton is suddenly closing after 12 years, having made the announcement less than two weeks ago. Known for a classic approach to classic cocktails, the bar has told us its final services will be this weekend, Friday and Saturday, from 5pm to 4am. Advertisement Where: Wyndham Mansion, 30-32 Wyndham Street, Central When: 5pm-4am Saturday, May 31 Hong Kong Whisky Festival The Hong Kong Whisky Festival takes place on May 31 and June 1 at venues in the InterContinental Grand Stanford hotel, including Tiffany's New York Bar. Photo: Xiaomei Chen What: Hong Kong's annual celebration of whisky returns to the InterContinental Grand Stanford, promising another gathering of select pours from around the world. The fair features around 1,300 bottles, alongside 45 masterclasses ranging from informative lunches to pairing workshops. Independent bottlers like Brave New Spirits and Finn Thomson (both from Scotland), and sustainability-focused distilleries like Ahascragh (Ireland) and Arbikie (Scotland) will make their debut at the festival this year. Exclusive bottles such as a Glenfarclas 20-year-old and a GlenAllachie 13-year-old – aged in sherry and oloroso casks respectively – will be on sale, with exhibitors offering vintage whiskies for guests to try. This is an unmissable event for the malt spirit inclined. Where: 70 Mody Road, Tsim Sha Tsui East When: May 31 – June 1, 1pm-8pm Sunday, June 1 The Savory Project 2nd anniversary x Native
