{"id":355,"date":"2025-09-29T16:14:09","date_gmt":"2025-09-29T08:14:09","guid":{"rendered":"https:\/\/halal.tv\/?p=355"},"modified":"2025-09-29T16:14:09","modified_gmt":"2025-09-29T08:14:09","slug":"new-world-reports-2-1-billion-deficit-amid-property-downturn","status":"publish","type":"post","link":"https:\/\/halal.tv\/index.php\/2025\/09\/29\/new-world-reports-2-1-billion-deficit-amid-property-downturn\/","title":{"rendered":"New World reports $2.1 billion deficit amid property downturn"},"content":{"rendered":"<p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/localhost:8005\/api\/images\/60\" alt=\"Article featured image\"\/><\/figure>\n<\/p>\n\n<p>New World Development Company has reported a second consecutive annual loss, reflecting the severe pressures facing Hong Kong&#8217;s property sector. The prominent developer, controlled by the billionaire Cheng family, announced a loss of HK$16.3 billion from continuing operations for the fiscal year ending June 30. This figure represents a significant deepening of losses compared to the previous year&#8217;s HK$11.8 billion shortfall.<\/p>\n\n<p>The company&#8217;s financial performance was heavily impacted by substantial one-time impairment charges and other losses. These results underscore a period of considerable turmoil for the firm as it navigates a persistent liquidity crunch amid a prolonged real estate downturn. Efforts to stabilize its financial position have included securing an US$11 billion refinancing package earlier in the year and a separate HK$3.95 billion loan facility.<\/p>\n\n<p>Market conditions in New World&#8217;s core operating regions remain challenging. The residential markets in both Hong Kong and mainland China continue to experience significant weakness, with Hong Kong home values still down nearly 30% from their 2021 peak. Furthermore, the commercial property sector has seen dramatic price corrections, with office and retail space values declining 48% and 41% respectively from their 2018 highs, complicating the company&#8217;s asset disposal plans.<\/p>\n\n<p>In response to these ongoing challenges, New World is actively pursuing additional financial support, including discussions with potential investors such as Blackstone Inc for a capital injection. The company&#8217;s difficulties have been compounded by internal changes, including the unexpected departure of heir Adrian Cheng last September. As one of Hong Kong&#8217;s major developers, New World&#8217;s struggles highlight the broader pressures within the region&#8217;s property industry.<\/p>","protected":false},"excerpt":{"rendered":"<p>New World Development Company has reported a second consecutive annual loss, reflecting the severe pressures facing Hong Kong&#8217;s property sector. The prominent developer, controlled by the billionaire Cheng family, announced a loss of HK$16.3 billion from continuing operations for the fiscal year ending June 30. This figure represents a significant deepening of losses compared to&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-355","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/posts\/355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/comments?post=355"}],"version-history":[{"count":1,"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/posts\/355\/revisions"}],"predecessor-version":[{"id":356,"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/posts\/355\/revisions\/356"}],"wp:attachment":[{"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/media?parent=355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/categories?post=355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/halal.tv\/index.php\/wp-json\/wp\/v2\/tags?post=355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}