Funding
New World Development Appoints Banks for Rights Issue of Up to $3.2 Billion
By News Desk ·
Key takeaways
- New World Development appointed banks to prepare a rights issue that could raise as much as HK$25 billion ($3.2 billion).
- Trading in New World Development shares was halted on November 13, 2026 pending the release of inside information.
- New World Development issued around $189 million in new secured notes due in 2032 in a bond exchange offer in October 2026.
New World Development has appointed banks to prepare a rights issue that could raise as much as HK$25 billion ($3.2 billion), Bloomberg News reported on November 13, 2026, citing people familiar with the matter. Channel NewsAsia carried the report.
New World Development's Rights Issue Plans
Trading in New World Development shares was halted on November 13, 2026 pending the release of inside information by the company, according to a pre-market filing to the Hong Kong exchange. New World did not immediately respond to a request for comment.
The Hong Kong property developer is the most heavily indebted among its local peers and has been trying to cut debt, dispose of assets and bolster liquidity amid tight credit conditions and a weak property market. CEO Echo Huang told an earnings conference in October that she expected the company's cash flow to improve significantly in the first half of fiscal 2026/27.
In a bond exchange offer in October 2026, New World issued around $189 million in new secured notes due in 2032 to swap for some notes due in 2027 and 2028. The report pegged the Hong Kong dollar at 7.8442 to the US dollar.
New World Development's Debt and Funding Record
New World Development's funding records on akta.pro company records list three rounds, including a $758.1 million post-IPO debt round in September 2025 led by Deutsche Bank and an $11.2 billion post-IPO debt round in May 2025 with seven investors. The same records put total funding at $12.2 billion.
| Date | Round | Amount |
|---|---|---|
| July 2024 | Post-IPO debt | $192.9 million |
| May 2025 | Post-IPO debt | $11.2 billion |
| September 2025 | Post-IPO debt | $758.1 million |
The same records show approximately HK$122.7 billion in net debt as of end-2025 and a completed HK$88.2 billion (US$11.24 billion) loan refinancing on June 30, 2025 that extended debt maturities to June 30, 2028.
Debt Exchanges Before the Rights Issue
New World Development's bond exchange offers accepted all notes tendered by the October 14, 2026 early deadline without scaling, The future of trading reported. The outlet said the company's bondco exchanged $199.1 million in existing notes on October 20, 2026 and issued $189.13 million in new notes.
The future of trading also reported that New World expected to exchange and cancel USD 199.28 million of outstanding notes through the offers, with new issuer CS Management Services expected to issue USD 189.32 million of new notes and final settlement expected October 23, 2026.
11 Skies Exit and Shanghai Listing
New World Development reported a net loss of HK$26.8 billion for the year ended June 2026, booking HK$18.3 billion in impairments and provisions from terminating its 11 Skies mall project, the South China Morning Post reported. Jiemian reported in September 2026 that the company plans to spin off a real estate investment trust and list it on the Shanghai Stock Exchange.