Reported about 1 month ago
New World Development Co. saw its shares drop by up to 14% as Hong Kong's property market downturn leads to expectations of a record loss of up to HK$20 billion, marking the first annual loss in 20 years. The company faces increased debt levels and asset impairments amid declining real estate values, particularly in the office and residential sectors. CEO Adrian Cheng is under pressure to improve financial stability after significant asset writedowns and a drop in core operating profit outlook, prompting the firm to engage in debt restructuring and asset sales.
Source: YAHOO