HONG KONG : Hong Kong's New World Development is talking to investors about the sale of a majority stake in an office tower under its premium K11 brand as it disposes of non-core assets to fund its rapid expansion, two people with direct knowledge of the matter said.
Previous big disposals by New World had raised liquidity concerns and contributed to a sell-off in bonds in the developer, which is majority-owned by local conglomerate Chow Tai Fook Enterprises and more highly leveraged than peers. The bonds have since largely recovered in price after the developer repurchased notes worth HK$6.5 billion.
K11 Atelier King's Road was listed as a standout financial performer in an investor presentation in September, with operating profit up 35 per cent year-on-year. New World is not financially distressed according to the people, along with a third person who deals directly with the developer, but it needs more cash to support its rapid expansion.
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