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Bond Market News
NWD Reports H1 Net Loss amid Asset Writedowns, Suspends Dividends
March 2, 2026
New World Development (NWD) reported a net loss of HKD 3.73bn ($477mn) during the first half of the fiscal year 2026. This came on the back of asset write-downs including impairments on properties under development and completed units held for sale. Revenue fell by 50% to HKD 8.39bn ($1.1bn) due to weaker construction income and low property handovers in mainland China. While total debt fell by 1.1% to HKD 144.3bn ($18.4bn), net debt rose by 2.1% to HKD 122.7bn ($15.7bn). The company said that it will continue to focus on its ongoing deleveraging efforts and has improved its liquidity measures. NWD does not plan to make any share placements or rights issues, and did not declare any interim dividend. Last week, the developer announced that it will launch three new residential projects in 1H2026, providing about 660 units in total. The update comes as Hong Kong’s home sales have rebounded with home prices reaching a 19-month high.
NWD’s dollar bonds were trading slightly weaker with its 4.125% Perp down 0.5 points at 86.7, yielding 8.8%.
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