NWD busy with eight projects worth 100b yuan

New World Development (0017) has reportedly been engaged in eight redevelopment projects in Guangzhou and Shenzhen with total saleable assets ranging from 80 billion yuan (HK$87.8 billion) to 100 billion yuan.

The projects encompass a combined planned gross floor area of 2.7 million square meters.

From July to October, or the first four months of the fiscal year 2023-2024, NWD achieved sales of 6.4 billion yuan in the mainland. This represents 42 percent of the mainland's sales target of 15 billion yuan for the entire fiscal year.

Bocom International (3329) said the developer has announced an offer to buy back up to US$600 million (HK$4.68 billion) of its outstanding overseas bonds.

The repurchase is expected to lower interest expenses and address market concerns about the company's liquidity. The bank maintained a buy rating on NWD but lowered the target price to HK$15.8.

Shares of NWD edged down by 0.85 percent to HK$11.6 yesterday.

And eight new projects for sale in Wuhan were said to have promised a one-time refund within 30 days of the transaction to attract buyers if they sign the refund agreement before December 31.