New World's 11 Skies reportedly up for sale

Distressed Hong Kong builder New World Development (0017) is exploring a sale of its flagship 11 Skies mall to ease liquidity pressure, Bloomberg reported, citing sources.

The report said the developer has held preliminary talks with the Hong Kong Airport Authority, though both parties declined to comment.

The mall is valued between HK$15 billion and HK$17 billion, potentially below the HK$20 billion New World invested in the project, suggesting a loss-making sale, the newspaper cited sources.

STAFF REPORTER