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Sep 02, 2024 - 13:01
By asia.nikkei.com

New World Development shares tumble as Hong Kong property woes bite

HONG KONG -- Hong Kong real estate conglomerate New World Development on Monday saw its stock price plunge by as much as 14.1% to the lowest level in 21 years after it warned of a hefty loss.

The company expects to record a loss attributable to shareholders of 19 billion to 20 billion Hong Kong dollars ($2.4 billion to $2.6 billion) for the latest fiscal year through June, it said in a filing to the Hong Kong Exchange after the market closed last Friday.