New World Shares Plunge to 20-Year Low After Payout Cut
- Property developer’s shares drop as much as 7.9% on Tuesday
- Hong Kong real estate firms fall in trading due to weak market
This article is for subscribers only.
Hong Kong developer New World Development Co.’s shares dropped as much as 7.9% to the lowest level since November 2003 after the company reported a weak full-year result last Friday.
The decline leads other peers in Hong Kong, with Henderson Land Development Co. down as much as 6.4% and Sun Hung Kai Properties Ltd. falling by 4.5%.