New World Development 0017

[winston]

not vested

Hong Kong’s billionaire Cheng family seeks to sell China toll roads for US$2 billion

CTF Services, formerly known as NWS Holdings, is in early-stage discussions with China’s state-owned Yuexiu Group.

It has also discussed a deal with other buyers and has communicated to them that the package of roads could be split into smaller chunks for sale, th

The potential sale is part of CTF’s strategic review of its toll road assets to raise cash, boost value for investors and focus on developing businesses with faster growth potential.

CTF currently has holdings in 15 road operations across mainland China, including in major cities such as Guangzhou, Shenzhen and Hangzhou. It also operates major commercial projects in Hong Kong including the landmark Convention and Exhibition Center.

Source: Bloomberg

https://www.businesstimes.com.sg/intern ... s2-billion

[winston]

not vested

NWD swung to loss of $6.63 billion from profit a year ago

New World Development (0017) swung to a loss of HK$6.63 billion in continuing operations for the first six months ended June 2024, from a profit of HK$502 million a year ago, after writing down the value of properties.

Chief executive officer Echo Huang Shaomei said at a news briefing the developer will prioritize lowering its debt levels, while seeking to offload HK$26 billion of assets including residential projects and commercial properties in the current financial year.

The loss in the period was due to writedowns on its residential projects and commercial properties, according to a filing to the Hong Kong stock exchange Friday.

Hong Kong’s most indebted major developer posted a 1.62 percent drop in revenues to HK$16.79 billion, while its core operating profit recorded HK$4.42 billion, down 18 percent.

No interim dividend is declared, with a loss of HK$2.64 per share from continuing operations.

In the six months, revenues of property development in Hong Kong and Mainland China amounted to HK$1.73 billion and HK$6.64 billion, respectively.

Consolidated net debt inched up to HK$124.6 billion, up 0.79 percent from the same period one year ago.

Source: The Standard

https://www.thestandard.com.hk/breaking ... a-year-ago

[winston]

<Research>UOB Kay Hian Drops NEW WORLD DEV (00017.HK) TP to $4.45, Lowers Profit Forecasts

NEW WORLD DEV (00017.HK) recorded an attributable net loss of $6.6 billion in 1HFY2025 ended December 2024, mainly due to the inventory impairment, UOB Kay Hian released a research report saying.

No dividend was declared during the period.

Looking ahead, the progress of NEW WORLD DEV's financing will be the key.

Therefore, UOB Kay Hian kept rating at Hold on the stock, and dropped its target price to $4.45 from $4.68.

Related News: UBS Estimates NWD Interim Core Underlying Loss to Deepen to $5.2B, Beating Forecasts

Furthermore, the broker lowered its FY2025-FY2027 underlying profit forecasts (as of the end of June of each year) from $435 million/ $572 million/ $994 million to -$5.646 billion/ -$634 million/ $231 million, respectively.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[behappyalways]

Hong Kong bankers sweat US$11 billion New World refinancing
https://www.theedgesingapore.com/news/p ... efinancing

[behappyalways]

New World Development defers perpetual bond coupon payments
https://www.theedgesingapore.com/news/d ... n-payments

[behappyalways]

New World’s distress worsens after shock delay on bond interest
https://www.theedgesingapore.com/news/c ... d-interest

[behappyalways]

New World gets 100% lender approval for HK$87.5 bil refinancing
https://www.theedgesingapore.com/news/h ... efinancing