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Investing.com -- Shares of Hong Kong property developer, New World Development, saw a significant rise on Monday, following the company’s announcement of plans to enhance cash flow and reduce debt.
The company reported an interim net loss of HK$6.63 billion ($852.63 million) and its shares surged by as much as 11.2% to HK$5.36.
New World Development’s market value has seen a significant decrease, dropping to about $1.5 billion from $14 billion in mid-2019.
On Friday, the company revealed plans for active property sales and a reduction in capital expenditure. It also confirmed that a comprehensive debt restructuring plan was not under discussion.
New World Development’s net gearing has risen above 88%, making it one of the highest debt ratios in the sector.
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