Hong Kong Builder New World Falls to Record Lows in Bond Market

Distressed Hong Kong property company New World Development Co.slid to record lows in credit markets, as concerns mount over its ability to service a debt load that exceeds peers.

Perpetual notes from the builder of projects, including the K11 Art Mall in Hong Kong’s shopping district of Tsim Sha Tsui, were indicated down 5.8 cents at an unprecedented 40.3 cents. Its 4.5% dollar notes due in 2030 have also dropped about 18% this week to the lowest since August 2023. The developer’s sharesfell as much as 6% to extend declines over the past month to some 25%.

Hong ...