Hong Kong Property Pain Worsens for New World and Its Scion CEO [Yahoo! Finance Canada]
HENDERSON LD DEV S/ADR (HLDCY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The company said late on Friday it expects to post a loss of as much as HK$20 billion ($2.6 billion) for the financial year ended in June — its first annual loss in two decades. New World has been grappling with higher debt levels than its peers and a plunging share price — adding pressure on 44-year-old Chief Executive Officer Adrian Cheng, the third generation to run the business, to turn things around. The developer cited asset impairment, losses on investments and higher interest rates for the decline. A revaluation of the group's investment and development properties including a goodwill assessment will lead to a non-cash loss of HK$8.5 billion to HK$9.5 billion, the company said. Meanwhile, core operating profit is expected to drop as much as 23%. The sizable asset writedowns “could raise its leverage ratio and hurt the developer's deleveraging plan,” said Patrick Wong, a real estate analyst at Bloomberg Intelligence. “This could also raise inve
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