New World Mulls Fee to Avoid $9 Billion Rent for 11 Skies Mall

Hong Kong real estate company New World Development Co. is in talks to pay up to end its obligations to the struggling 11 Skies mall project, according to people familiar with the matter, the latest option for a firm that is locked in negotiations with officials in the city.

The payment — effectively an exit fee — would cover some of New World’s long-term rental obligations with Hong Kong’s Airport Authority, the people said, asking not to be identified while discussing private information. It is unlikely to be paid in cash but could instead be in the form of land parcels or other assets, the people said.