Tiger Brokers

BUZZ-New World at 2-month low on report saying co to focus on managing debt

Reuters
Nov 22, 2024

** Hong Kong property developer New World Development

slips 3.8% to HK$6.91, lowest since Sept. 19

** Stock set for second session of declines; fifth biggest pct loser on Hang Seng Property Index , which is down 2.7%

** New World, which has the highest debt among its Hong Kong peers, aims to focus on its debt load before considering any mergers or acquisitions, South China Morning Post quotes chairman Henry Cheng as saying

** According to the report, Cheung told shareholders at a meeting that New World won't take on new corporate activities that could hurt its cash flow and that, for now, the co's priority is to reduce debt

** Stock down ~41% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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