Hong Kong Builder New World Asks Banks to Extend Loans (1)

Distressed Hong Kong property firm New World Development Co. is in talks with banks to extend the due dates of some bilateral loans, people familiar with the matter said, adding to concerns over its ability to service one of the heaviest debt loads of its kind.

It’s unclear how much of a delay the builder is seeking for each loan. But the efforts show the company — which had total liabilities of HK$220 billion ($28.3 billion) at the end of June — is exploring ways to alleviate financial pressure after recording its first annual loss in two decades.

Perpetual notes ...