New World Posts $2.1 Billion Loss as Builder’s Woes Persist

Construction work outside the 11 Skies retail and commercial project, developed by New World Development Co.'s K11 brand, in Hong Kong.Photographer: Lam Yik/Bloomberg

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By Shawna Kwan

September 26, 2025 at 8:40 AM UTC

Updated on

September 26, 2025 at 10:03 AM UTC

New World Development Co. posted a second straight year of losses as debt pressures and a weak property market took a toll on the distressed Hong Kong builder.

The developer controlled by the billionaire Cheng family lost HK$16.3 billion ($2.1 billion) from continuing operations in the year ended June 30, mainly due to one-time impairment provisions and losses, according to a filing to the Hong Kong stock exchange Friday. That’s steeper than the HK$11.8 billion loss a year earlier.