Billionaire Chengs’ New World Faces Fresh Test as Airport Mall Tenants Pull Out
Cash-strapped builder New World Development is facing fresh turmoil at its HKD 20 billion (USD 2.6 billion) mall near Hong Kong’s international airport, as a slew of tenants terminate leases, Bloomberg reported. Even a store of Chow Tai Fook Jewellery Group, tied to New World’s founding Cheng family, has withdrawn from the 11 Skies mall.
Vanke Leaves Creditors Guessing on Plans as Restructuring Looms
China Vanke, which is preparing a plan for a restructuring that would be one of the nation’s biggest ever, is leaving creditors grappling for clarity on how it will deal with more bonds due in the months ahead, Bloomberg reported. Representatives of Vanke shared few details in online meetings Wednesday when asked by bondholders about the company’s plans for notes that it hasn’t yet asked to delay paying.
Air India Braces for Record $1.6 Billion Loss After Deadly Crash
Air India is set to report a record annual loss after last year’s deadly crash and airspace shutdowns wiped out progress toward a turnaround, Bloomberg reported. The carrier, which is a joint venture between Tata Group and Singapore Airlines, is on track to post a loss of at least INR 150 billion (USD 1.6 billion) for the year ending 31 March.
Pakistan Plans Return to Global Bond Market After Four-Year Gap
Pakistan plans to return to the global bond market after four years, underscoring its progress in economic stabilization after coming close to a default just a few years ago, Bloomberg reported. The South Asian nation will issue a proposal for advisers in the coming weeks, said Finance Minister Muhammad Aurangzeb.
DBS Faces Credit Cost Spike on Autobahn Exposure
DBS’ exposure to the Autobahn car leasing company may lead to higher credit costs, Singapore Business Review reported, citing CGS International. CGS estimates a one-off recognition of its loans exposure to Autobahn would translate to credit costs rising by about 10 basis points in the fourth quarter of 2025.