New World Development Ends Airport Mall Deal
New World Development is terminating its operating rights for the 11 SKIES shopping mall near the Hong Kong airport. The developer booked substantial impairment and termination charges, widening its annual net loss.
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NEW WORLD DEVELOPMENT booked $2.3B in early termination charges after exiting an airport mall agreement, expanding its loan facility by HK$1 billion. The property developer is working to reduce debt amid a weak local property market. The restructuring marks a significant shift for the heavily indebted firm.
