New World Development falls after it denies report on receiving funding proposals

New World Development

02/09/2025 08:16

** Shares of New World Development 0017.HK fall 4.1% to HK$6.78, their biggest one-day pct drop since Aug 12

** Set to snap three straight sessions of gain

** On Monday, Hong Kong property developer confirmed talks on Deutsche Bank AG DBKGn.DE-led loan facility but denied receiving other funding proposals

** Rejects Bloomberg report that controlling shareholder Henry Cheng's family weighing HK$10 bln ($1.28 bln) capital injection via JV

** Says it hasn't received any funding proposal "as alleged in the rumours"

** Hang Seng Composite Index tracking properties and construction stocks .HSCIPC eases 0.9%, benchmark Hang Seng Index .HSI slips 0.4%

** YTD, New World stock up 33.5% vs HSCIPC's 17.8% gain and HSI's rise of 27.1%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))