New World Development (HKG:0017) offered $15 billion worth of properties as collateral to refinance its loans, Bloomberg News reported Tuesday, citing people familiar with the matter.
The amount is the largest collateral Hong Kong's top billionaire families could offer for refinancing, the report said, citing data compiled by Bloomberg.
New World is looking to refinance about HK$58.1 billion, or $7.5 billion, in debt and has asked banks to provide a three-year loan facility, the report said.
Brokers have also stopped financing the real estate developer's shares and bonds, according to the report.
UBS has ceased accepting certain New World bonds and shares as collateral for margin loans, the report said, citing sources familiar with the matter.
Additionally, the private banking operations of Citigroup and HSBC (HKG:0005) have stopped lending against New World's securities months back, the report said, citing the people.
New World Development did not immediately respond to a request for comment from MT Newswires.
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