New World releases business update amid speculations

New World Development (0017) released its first monthly business update in the evening after reiterating its operation continues as “usual” in a filing amid speculations surrounding its indebtedness.

The developer pledged to focus on real estate development as its core operations in 2025, as it provides the latest operational figures.

New World said its sales in the mainland exceeded 70 percent of its annual target within six months through the end of December, and in Hong Kong, the contracted sales of its luxury residential project in North Point reached around HK$400 million. 

The builder said it is actively developing multiple new projects, including a residential development in Kowloon Tong, and vowed to accelerate the sales progress of several projects such as the “Island Coast” Phase V at Wong Chuk Hang MTR Station. 

Together with the property projects already in their sales phase, a total of over 4,400 units will be launched in the 2024/25 fiscal year, the developer said in a statement.

Earlier on Thursday, Bloomberg reported that debt adviser PJT Partners had discussed with New World's bondholders the possibilities of a potential bond default. 

STAFF REPORTER