Market Chatter: New World Development to Cut Debt, Boost Cash Flow

MT Newswires Live03-04

New World Development (HKG:0017) said it will reduce debt and increase cash flow, Reuters reported Monday.

The major Hong Kong developer said it will be actively selling properties and reducing capital expenses, and stressed that it will not pursue a holistic debt restructuring, the report said.

New World's net gearing is at more than 88%, among the highest in the property sector, according to Reuters.

While the loss NWD incurred is expected, "the share price in the long run will depend on how the firm will cut debt," Reuters reported, citing Alvin Cheung, associate director of Prudential Brokerage.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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