Business
Hong Kong’s NWD Advances Debt Reduction Strategy with US$2 Billion Repayments and Refinancing; Receives HK$9 Billion Bid for K11 Art Mall
NWD in Hong Kong accelerates its debt minimization through repayments and refinancing worth US$2 billion. A local news source reported that the company has been offered HK$9 billion from a branch of China Resources Holdings for its K11 Art Mall located in Tsim Sha Tsui.
New World Development (NWD), a company listed in Hong Kong, has set a goal to lower its debt ratio to less than 40% by 2027. It's making consistent headway through settling its debts and restructuring its financial obligations.
The corporate giant, under the ownership of one of the richest families in the city, announced on Friday that it has finalized loan agreements and settled debts exceeding HK$16 billion (US$2.05 billion) in July and August. This includes preemptive refinancing of selected loans set to mature in 2025. This comes after the settlement of HK$35 billion worth of loans and debts in the first half of the year.
"The company stated that it will persist in enhancing its debt portfolio through varied funding sources, and efficiently manage its financing expenses to uphold a robust financial status."
The developer mentioned that they had boosted their onshore lending to decrease their total funding cost, and more credit discussions were ongoing. The onshore credits encompass a 12-year loan of 1 billion yuan (equivalent to US$140.3 million) at a 3.1 per cent interest rate, and a 15-year 400 million yuan loan at a 3.15 per cent interest rate.
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