Indebted Hong Kong developer New World offers shares at 81% discount in US$3.2b cash call
New World Development will issue 11 new shares for every existing share at an 81.5 per cent discount, exposing shareholders who do not participate to theoretical dilution of 75.3 per cent, as the indebted Hong Kong property developer seeks to raise HK$24.9 billion (US$3.2 billion) in a recapitalisation backed by its controlling Cheng family. The developer will offer the rights shares at HK$0.90…
Hong Kong has lifted its 2026 GDP growth forecast to 4.8% from a previous range of 3.5% to 4.5%, driven by strong economic performance in the first three quarters and expected growth momentum in the final quarter. The combined real GDP for the first three quarters expanded by 5.1% year-on-year, the fastest pace in five years, according to the Hong Kong Special Administrative Region (HKSAR) government.
This growth was fueled by a surge in exports of goods and services, with exports of goods rising 30.3% year-on-year and exports of services expanding by 4.3%. The HKSAR government official projected a strong annual performance for Hong Kong, citing exports of services and domestic demand as key growth drivers.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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