Hong Kong developer suffers historic loss in wake of Xi Jinping crackdown [Yahoo! Finance]
HENDERSON LD DEV S/ADR (HLDCY)
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Source: Yahoo! Finance
New World Development, owned by the billionaire Cheng family, said it expected to make a loss of up to HK$20bn (£2bn) for its financial year ended in June. The developer blamed losses on investments and developments, higher interest rates and “depreciation of the renminbi” for the steep decline. Core profit is expected to fall by as much as 23pc. New World's shares plunged to a 21-year low of around HK$6.80 on Monday following the update. Founded in 1970, the company's investments span residential developments, shopping malls, offices and hotels and, as such, can be viewed as a proxy for the economic health of Hong Kong. The special administrative region has been in and out of recession since the pandemic, a period during which Beijing seized greater control over Hong Kong by pushing through a controversial security law. The power grab has had a chilling effect on civic society, with pro-democracy campaigners forced into exile. Many Western businesses have been pulling back
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