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Bond Market News
NWD Faces Setback in Talks With Overseas Investors
November 12, 2025
Talks between Hong Kong’s billionaire Cheng family and potential overseas investors in NWD have stalled amid disagreements over control, complicating efforts to secure much-needed funding for the developer. The Cheng family has been seeking an equity partner to match a HKD 10bn ($1.3bn) capital injection but have hesitated to grant the level of control demanded by suitors such as Blackstone Inc. and CapitaLand Group. The family has also delayed due diligence requests, as per reports, adding that internal divisions within the family might have further complicated negotiations. Some members fear losing control of core assets like Victoria Dockside and New World Tower even after a capital infusion. Investors are also waiting for clarity on a potential rent waiver for NWD’s 11 skies complex near the airport. NWD, which has HKD 213.5bn ($27.5bn) in liabilities and $7.9bn in outstanding bond repayments, remains under financial pressure despite a record $11bn loan refinancing earlier this year. Analysts estimate a HKD 15bn ($1.9bn) funding gap for the current fiscal year, with banks increasingly reluctant to extend more credit. The company recently offered to swap $1.9bn in existing notes for new debt, underscoring persistent liquidity stress. Analysts warn that without a substantial equity injection, the developer’s refinancing efforts may fall short.
Its 4.125% 2029s are currently trading at 71.9 cents on the dollar, yielding 14.2%.
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