Hong Kong Developer New World Expects First Loss in 20 Years
- The firm expects up to $2.6 billion in full-year loss
- New World wrote down assets, suffered investment declines
New World Development headquarters in Hong Kong.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
New World Development Co., Hong Kong’s most indebted major property developer, expects to post its first annual loss in two decades after writing down assets following an extended real estate slump.
The company will record a loss of HK$19 billion to HK$20 billion ($2.4 billion to $2.6 billion) for the financial year ended in June, according to a filing to the Hong Kong stock exchange Friday night. The firm cited asset impairment, losses on investments and higher interest rates for the decline.