NEW WORLD DEV(HK:00017) 中国基金报·2025-08-08 10:57Core Viewpoint - New World Development is facing financial difficulties and has been rumored to be in talks with Blackstone Group regarding a potential financing agreement, which may include a privatization offer, although the company has denied these claims [2][4][5]. Group 1: Financial Situation - As of the end of 2024, New World Development's total debt exceeds HKD 151 billion, with short-term debt over HKD 32 billion; the net debt ratio has reached 57.5%, compared to less than 30% in the fiscal year 2018 [11]. - The company reported a shareholder loss of approximately HKD 19.68 billion for the fiscal year 2024 and over HKD 6.6 billion for the mid-fiscal year 2025 [11]. Group 2: Asset Management and Financing - New World Development is seeking to alleviate liquidity issues through asset sales and refinancing; a new refinancing agreement was signed with bank creditors involving HKD 88.2 billion of existing unsecured offshore debt [12]. - The new agreement extends some debt maturities to 2028 and requires core assets as collateral; the company is accelerating the sale of its real estate projects in mainland China [13]. - In 2024, New World sold its entire interest in Tsuen Wan's Joy City Mall and parking lot for HKD 4.02 billion to raise cash [13]. Group 3: Market Reaction - Following the privatization rumors, New World Development's stock price saw significant increases, with a rise of over 20% on August 7 and approximately 10% on August 8 [8].