New World Development (HKG:0017) will put forward $3.8 billion in additional properties as security for bank loans maturing in 2027 and beyond, Bloomberg News reported Tuesday, citing people familiar with the matter.
The developer's move comes after it proposed to pledge 25 properties at $15.3 billion as collateral to refinance $7.7 billion in loans maturing in 2025 and 2026, the report said.
New World's total collateral package is now at $19.1 billion, the report said.
The developer has been revising preliminary terms of its three-year financing deal and will send it to banks for feedback by Friday, Bloomberg said, citing the unnamed sources.
New World is under pressure to settle one of the highest debt burdens among Hong Kong developers, Bloomberg said.
Shares jumped 1% during Wednesday's afternoon trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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