Reported 1 day ago
New World Development, a prominent Hong Kong property developer, reported a net loss of HK$6.63 billion for the first half, primarily due to a struggling property market and rising interest rates. CEO Echo Huang plans to enhance cash flow and decrease debt by expediting asset sales and reducing capital expenditures. The company is also in talks to sell assets at favorable prices while facing increasing scrutiny over its debt, which could impact the larger Hong Kong property market.
Source: YAHOO