CompaniesHong Kong

New World Development halts shares and bonds amid rescue talk

Hong Kong developer New World Development suspended its shares and 14 bond issues on Friday while rescue speculation grew. The move leaves investors waiting for an announcement, and a new study points to stress in the city's stock market.

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New World Development, a Hong Kong property developer, suspended trading in its shares and a series of bonds on Friday morning. The halt covered the shares and 14 bond issues and took effect at 9am, according to a filing with the Hong Kong stock exchange. Bonds are loans that investors buy from a company, and the suspension will last until the company makes an announcement.

The 14 bond issues were sold by fully owned units of New World, and the parent company stands behind them as guarantor. Before the trading halt, the stock had its final close at HK$4.87.

New World Development Company LimitedHK$4.87down −6.17%over 1 month
HK$5.31HK$4.8713 Oct13 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

The suspension follows speculation that a rescue may be under way. Earlier this week, Chow Tai Fook Enterprises was seeking a large sum in Hong Kong dollars. Investors are now waiting to see what comes next.

Separately, a new study of Hong Kong's stock market found that sharp moves within a single minute now happen regularly. Those swings occur far more often than a standard model predicts, and the study links them to liquidity stress, meaning shares are hard to trade without big price jumps. The city's equity market is worth about $7 trillion.

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