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Bond Market News
NWD’s Dollar Bonds Rally after Negotiations for Sale of K11 Mall
January 27, 2025
New World Development (NWD) dollar bonds jumped by 5-8 points across the curve, after it confirmed that it was in negotiations for the potential sale of its prized shopping center, the K11 Art Mall. No agreement has been signed yet although potential buyers have approached the developer about various assets. In August, local media said that the company received a HKD 9bn ($1.2bn) bid for the mall from a Chinese state-owned company. As per certain reports, CR Longdation (a state-owned unit of China Resources) had offered to purchase the K11 Art Mall. In the previous fiscal year, NWD had seen non-core asset sales of about HKD 7.7bn ($989mn).
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