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Bond Market News
NWD Plans to Sell China Assets to Increase Liquidity
July 10, 2025
New World Development (NWD) is seeking to sell real estate assets in mainland China following its $11bn refinancing deal. The company plans piecemeal divestments, including prominent K11 buildings in Hangzhou, Shenzhen and Shanghai, to ease ongoing liquidity stress. It was also in talks earlier with Chinese state-owned firms about a potential sale. Besides, it also aims to raise up to $2bn via a new loan backed by its Victoria Dockside asset in Hong Kong. Despite the refinancing, NWD continues to remains highly indebted, with net debt-to-equity at 95.5%. Bloomberg notes that the developer may face difficulties in selling Chinese real estate assets due to the property downturn and the slow economy.
NWD’s dollar bonds were trading stable, with its 8.625% 2028s currently at 64.5 cents on the dollar.
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