New World Development (NWD), controlled by one of Hong Kong’s richest families, warned it would report a loss of up to HK$6.8 billion (US$871 million) in its interim results to be announced next week, as weak property markets in Hong Kong and mainland China continue to present a tough operating environment for the developer. The…
New World Development (NWD) on Saturday recorded a sell-out at its State Pavilia project in North Point, as “enthusiastic” Hong Kong homebuyers brushed aside the raised prices of the batch of units offered this weekend. As of 6.22pm, NWD – controlled by the family of chairman Henry Cheng Kar-shun – sold out all of the…
New World Development (NWD) raised prices for a new batch of units in a sought-after residential project on Hong Kong Island, as prospective buyers outnumber the project’s supply of flats by more than 28 times. The developer said the response to the 388-unit State Pavilia project on King’s Road in North Point has been “enthusiastic”,…
The default of a major Hong Kong property developer could send shock waves through the broader sector and scuttle a potential recovery in the residential market, according to S&P Global Ratings. “Hong Kong’s residential property recovery may be slipping out of view,” the credit-rating agency said in a report on Thursday. “S&P Global Ratings believes…
The “unexpected” appointment of Echo Huang Shaomei as the new CEO of New World Development (NWD) has raised concerns about whether she is the right person to lead one of Hong Kong’s most leveraged developers out of a tight spot. Analysts have serious doubts about the situation NWD currently finds itself in, including Huang’s leadership…