Media365
New World Development (NWD) posted a net loss of HK$3.73 billion (US$477 million) for the first half of fiscal 2026, as the developer prioritised deleveraging despite a pickup in Hong Kong home sales.
The company said the loss narrowed 44 per cent year on year for the six months ended December 31, as one-off losses on investment properties eased and financing costs and tax expenses related to mainland projects declined, according to a Hong Kong stock exchange filing on Friday. Dividend payments remained suspended.
Revenue for the period slumped 50 per cent to HK$8.39 billion, as weaker construction income and fewer property handovers in mainland China weighed on earnings.
“In 2025, we capitalised on the recovery in Hong Kong’s real estate market to seize new opportunities,” CEO Echo Huang said in the filing. “In a volatile market, our focus is not only on growing our business, but also on the continuous optimisation of our financial structure.”
On refinancing progress, the company said total debt fell by HK$1.7 billion to HK$144.3 billion. However, net debt increased by HK$2.6 billion to HK$122.7 billion during the period, with the gearing ratio rising to 59.7 per cent from 58.1 per cent a year earlier.
Management has stepped up liquidity measures, including bank refinancing and residential asset sales, raising more than HK$34.8 billion from property disposals since early 2025.
