New World Development (HKG:0017) plans to settle its debt before expanding its business with mergers and acquisitions, the South China Morning Post reported Thursday, citing Chairman Henry Cheng Kar-shun.
The indebted home builder will not take part in activities that will impact its liquidity, while also managing dividends and repurchases, the report said.
NWD will resume dividend payments when it offloads a substantial amount of debt, the report said, citing local news outlet Ming Pao.
The developer reported HK$123.7 billion of net debt as of June 30, the report said, citing its financial report.
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