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Bond Market News
NWD Luxury Housing Project Priced at Record Lows to Accelerate Sales
New World Development (NWD), one of Hong Kong’s largest developers, has priced the first batch of 101 apartments in its co-developed Deep Water Pavilia project at HKD 20,932 ($2,668) per square foot. This is the lowest rate for any residential project in the city’s posh Southern district as per sources. This is a strategic move amid mounting financial pressure, wherein NWD has pledged to speed up sales. The company already has a significant $26.8bn in liabilities. Analysts expect the situation to worsen if NWD is unable to strike a deal with banks and refinance $11.15bn of its borrowings by month end.
NWD’s dollar perps were trading stable, albeit at distressed levels of around 20 cents on the dollar.
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