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New World Development (NWD) dollar bonds continued to move lower by 1-3 points. The drop in NWD’s bonds comes after a blogger was said to have made several allegations on the company facing debt woes. A spokesperson from NWD came out saying that the blogger’s alleged that NWD “had pledged its projects” to obtain financing. He dismissed these allegations as “all false and misleading” adding that it may have been used to “manipulate the bonds and stocks for personal gains”. He revealed more details noting that over 80% of its floorspace at No. 888 Lai Chi Kok Road was sold and it was therefore “untrue and illogical to claim” that they pledged this asset for financing purposes as a company “cannot pledge what we do not own”. With real estate agency JLL reporting that Hong Kong developers’ sales are at its lowest since 2019, dollar bonds of several Hong Kong developers have dropped sharply over the past week.
NWD’s 6.15% Perp was down 3.6 points to trade at 61.2 cents on the dollar.
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