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NWD Said to Plan Using Flagship Asset as Collateral for $2bn Loan
March 28, 2025
New World Development (NWD) has proposed to use its flagship asset, Victoria Dockside, as collateral for a loan of up to HK$15.6bn ($2bn), according to sources. The company has sent loan terms to banks, with the funds intended to be used for repaying or purchasing existing debt. Victoria Dockside, valued at ~HKD 88bn ($11.3bn), houses luxury mall K11 Musea and accounts for 20% of NWD’s total assets of HKD 445bn ($57bn). In addition to the new loan proposal, NWD is negotiating two other loans to refinance debts maturing this year and beyond. Recently, US investment firm Ares Management approached banks to purchase NWD’s loan positions as part of its refinancing strategy. NWD has also been in talks with China Resources subsidiary CR Longdation to sell its K11 Art Mall for HKD 9bn ($1.2bn), but the deal is stalled due to a price disagreement. Despite these challenges, an NWD spokesperson confirmed ongoing discussions with lenders to meet its debt obligations.
Its 6.15% Perp was trading higher by 0.9 points to 77.1 cents on the dollar, yielding 8%.
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