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Bond Market News
NWD Releases Price List for Another Set of Units at Luxury Project
February 11, 2025
New World Development (NWD) released a second batch of 55 units at its luxury project, State Pavilia in North Point after strong demand for the first batch, where over 2,850 buyers were vying for 88 units. The new flats range from HKD 6.32mn ($800k) to HKD 14.06mn ($1.8mn), priced at HKD 17,613 to HKD 22,618 ($2,261-$2,903) per square foot, with an average price of HKD 18,998 ($2,439), up 2.5% from the first batch. The initial pricing of 88 units was notably lower than expected as NWD has been struggling to generate cash in order to reduce its HKD 123.7bn ($15.9bn) debt burden. The company faces market concerns about its financial stability, with some speculating a potential default. However, the firm has been assuring the market that it is not in discussions with creditors about restructuring its obligations. The default of NWD could send shock waves through the broader sector and scuttle a potential recovery in the residential market, according to S&P.
NWD’s 6.15% Perp is currently trading at 38.75 cents on the dollar.
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