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Bond Market News
NWD’s Mega-Mall Said to Experience Slow Progress
June 3, 2025
NWD’s $2.6bn mega-mall project, 11 SKIES, is said to be experiencing slow progress with only about 40% of the mall’s space being leased. Its first major attraction, a children’s theme park called KidZania, is scheduled to open around July, but the first batch of retail stores may not open until the end of the year, as per sources. According to Bloomberg, this lagged growth has made NWD executives grow concerned about the project. The key issues include delayed tenant move-ins, a perceived reluctance from airlines to shift flights to the airport terminal adjacent to the project, and a subdued economic outlook hurting tourist spending. The initial vision for 11 SKIES was predicated on Hong Kong’s growth story and luxury spending boom, assumptions that have changed post-Covid. The slow progress of the project is considered to add pressure to NWD’s financial health, with the developer burdened by HKD 210.9bn ($26.9bn) in liabilities. Besides, the company is also facing challenges in refinancing HKD 87.5bn ($11.2bn) of its borrowings before its June deadline. At present, it has only secured commitments for about 60% of the amount, having taken measures like pledging some of its prized assets
NWD’s perps were down significantly after the company announced late last week it will defer interest payments on some of these securities.
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