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Bond Market News
CTF Services Is Said to Halt Sale of $2bn Toll Roads
August 26, 2025
CTF Services Ltd. (formerly known as NWS Holdings Ltd.), the infrastructure arm of the Cheng family, has halted a plan to sell a collection of roads in China worth about $2bn, after months of talks on a possible disposal, according to reports. CTF Services Ltd whose sister company is New World Development (NWD), was in negotiations with the state-owned Yuexiu Group about a deal in December, but has decided to halt the sale as the assets generate stable cash flows. The potential sale was part of CTF’s strategic review of its toll road assets to raise cash, boost value for investors and to focus more resources on growth sectors including insurance and logistics. The firm is a key cash cow providing stability at a time when NWD is struggling with losses and mounting debt.
NWD 3.75% 2031s are marginally higher, trading at 54.50 and yielding 17.42%.
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