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Shares of New World Development soared on Monday, jumping 11.4% to HK$5.37, their highest since late December, after the Hong Kong-based developer announced measures to boost cash flow and reduce debt.
The surge followed the company’s HK$6.63 billion ($852.63 million) interim net loss report on Friday, prompting a strategic shift. New World plans to accelerate property sales, cut capital expenditure, and negotiate refinancing terms with banks. The developer expects waivers on financial covenants to be extended, easing liquidity concerns.
With net gearing surpassing 88%, New World holds one of the highest debt ratios in the sector, raising market fears of a crisis similar to China’s real estate downturn in 2021, which triggered multiple defaults. Investors reacted positively to the company’s proactive steps to stabilize its financial position.
As the Hong Kong property sector faces ongoing economic challenges, New World’s restructuring efforts will be closely watched by analysts and investors.
