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New World Development Secures HK$88.2 Billion ($11.2 Billion) Refinancing in Largest-Ever Borrowing, Shares Surge 11%

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Updated Jul 2, 2025, 07:09 AM

Hong Kong-based real estate developer New World Development has successfully secured a record refinancing deal worth HK$88.2 billion (approximately $11.2 billion), concluding months of high-stakes negotiations with financial institutions. The refinancing, completed on June 30, 2025, was aimed at averting an imminent financial crisis for the troubled property group amid ongoing distress in Hong Kong's real estate market, where property prices remain near a nine-year low. Following the announcement, New World's shares surged to their highest level this year, rising by 11%, reflecting investor relief and optimism. The refinancing represents the largest-ever borrowing deal in Hong Kong's property sector and provides temporary respite for the company, which is part of a prominent family dynasty facing challenges amid China's broader property crisis.

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FT China

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Hong Kong property group’s shares jump 11% after refinancing talks close

Bloomberg

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New World shares surged to the highest level this year after the company closed a record $11.2 billion loan refinancing package

Bloomberg Originals

@bbgoriginals

A Hong Kong family dynasty in turmoil, with no known succession plan and billions in debt as China’s property crisis continues. How will one of Asia’s richest families navigate these uncertain waters?