Reported 9 months ago
New World Development Co., a property company based in Hong Kong, aims to redeem a perpetual bond and undertake $1 billion of non-core asset sales to boost confidence in its financial stability. The company intends to redeem a bond callable in 2025 with a higher coupon rate than its funding cost, and complete the sale of HK$8 billion worth of assets by the end of the month. Despite facing challenges in the Hong Kong property market, New World has secured a multibillion-yuan loan this year and recently refinanced a HK$9.5 billion loan for joint hotel assets.
Source: YAHOO