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Bond Market News
NWD Said to be in Negotiations with HKAA on 11 Skies Project’s Exit Fee
May 19, 2026
New World Development (NWD) is said to be in negotiations with the Hong Kong Airport Authority (HKAA) to pay an effective exit fee to terminate its obligations for the 11 Skies mall project, as per sources. As per estimates by UBS Group, NWD would face a massive commitment to pay rent of at least HKD 1.8bn ($230mn) per year from 2028 through 2066, totaling ~$9bn. However, sources noted that NWD is proposing to settle this via alternative routes like transferring land parcels, offering free services, or granting the authority an equity stake in the developer. While a cash transfer is considered unlikely, it is still said to be an option. Exiting the 11 Skies project is said to be crucial for NWD to alleviate its cash crunch and attract external capital, especially after Blackstone recently walked away from a proposed $4bn tie-up.
NWD’s dollar bonds were however trading stable, with its 9% Perp at 102.2 cents on the dollar.
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