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NWD’s Bonds Slip Following Sun Hung Kai’s Results & HSBC’s Plan to Raise Mortgage Rates
September 12, 2023
Hong Kong-based property developer New World Development (NWD) saw a fresh round of selling in its dollar bonds on Monday, led by its 5.25% Perps that fell over 6 points to 59.75 cents on the dollar. This comes as peer Sun Hung Kai posted a greater-than-expected decline of 17% in annual profits to HKD 23.9bn ($3bn). The developer said in its earnings release, “A number of factors such as an uncertain global economic outlook may affect the pace of economic recovery in Hong Kong.” Adding to investor concerns, HSBC announced plans to raise mortgage rates in the region. Bloomberg Intelligence analyst Patrick Wong suggested that if more lenders follow suit, local developers will face heightened pressures “as they either need to cut prices to support sales, which will hurt margins, or simply suffer from lower revenue.”
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