One of Hong Kong’s largest property developers said it expected to post its first annual loss in two decades due to the territory’s real estate downturn, sending its shares lower by 13 per cent on Monday.
New World Development, one of the territory’s biggest property groups controlled by the Cheng family and run by third-generation scion Adrian Cheng, said it expected to post a loss of up to HK$20bn (US$2.6bn) for the full year ended in June.
In a filing to the Hong Kong stock exchange after the market close on Friday, the company said it expected to book a revaluation charge of between HK$8.5bn and HK$9.5bn for its investment and development projects, marking its first annual loss since 2004.
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