New World Development is trying to get more time to repay creditors through a new bond replacement offer, and the troubled Hong Kong developer has become a representative of the region's efforts to break out of the housing downturn. According to an exchange announcement on Tuesday, the company is proposing to replace three bonds due in January, June, and 2028 with securities due in 2032, respectively. The total outstanding amount of these bonds is approximately US$991 million, but the upper limit of this replacement offer is US$600 million, which means that holders must keep some of their existing bonds. According to people familiar with the matter, New World Development will hold a series of roadshow meetings in Hong Kong on Wednesday and Thursday and in Singapore on Friday to discuss this replacement offer.

New World Development is trying to get more time to repay creditors through a new bond replacement offer, and the troubled Hong Kong developer has become a representative of the region's efforts to break out of the housing downturn. According to an exchange announcement on Tuesday, the company is proposing to replace three bonds due in January, June, and 2028 with securities due in 2032, respectively. The total outstanding amount of these bonds is approximately US$991 million, but the upper limit of this replacement offer is US$600 million, which means that holders must keep some of their existing bonds. According to people familiar with the matter, New World Development will hold a series of roadshow meetings in Hong Kong on Wednesday and Thursday and in Singapore on Friday to discuss this replacement offer.