Mei Ri Jing Ji Xin Wen·2025-07-01 04:17Financing Update - New World Development has signed a new refinancing agreement with banks, covering approximately HKD 88.2 billion of existing unsecured offshore financial debt, including bank loans [1] - The new financing includes multiple bank loans with varying maturities, the earliest of which is due on June 30, 2028 [1] - This refinancing is expected to alleviate short-term liquidity pressures for New World Development and help banks reduce bad debt risks [1] Debt Situation - As of December 31, 2024, New World Development's total net debt is approximately HKD 124.63 billion, an increase of nearly HKD 1 billion from the previous fiscal year, with a net debt ratio rising to 57.5% [2] - The company has interest-bearing liabilities totaling around HKD 146.5 billion [2] - New World Development announced a delay in interest payments for four perpetual bonds, with a total initial issuance amount of USD 3.4 billion, deferring approximately USD 7.72 million, or about HKD 600 million [2] Leadership Changes - Zheng Zhigang has resigned from all positions at New World Development, effective July 1, 2023, to focus on public service and personal matters [3] - Zheng Zhigang had previously stepped down as CEO and executive vice chairman in September 2022 but retained a non-executive director role until now [3] - Zheng Zhigang's sister's daughter, Zheng Zhiwen, has joined the core management team of New World Development as a member of the nomination committee [4]