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NWD Plans to Pledge Victoria Dockside for Loan of Up to $15.6B: Wire
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NEW WORLD DEV (00017.HK) has proposed using one of its most valuable assets, Victoria Dockside in Tsim Sha Tsui, as collateral to pledge an additional loan of up to HKD15.6 billion (USD2 billion) to bolster liquidity, Bloomberg, citing sources, reported. The company recently sent proposed terms for a three-year loan to banks, stating that the proceeds would be used for the prepayment, repayment, purchase, or repurchase of its existing debt, though no further details were provided, according to people familiar with the matter. Bloomberg Intelligence calculations estimated that Victoria Dockside, which includes the high-end K11 Musea mall, is valued at HKD88 billion (approximately USD11.3 billion) based on a floor area rate of HKD30,000 per square foot, accounting for about 20% of NWD’s total assets. An NWD spokesperson said the company continues to engage with its stakeholders, including its lenders and bondholders, and is discussing ongoing financing options in compliance with its debt obligations. AAStocks Financial News |
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