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Stock touches 21-year low after developer flags $2.6bn loss for latest year

Property developer New World Development’s office tower, K11 Atelier King’s Road, in Hong Kong. The company has flagged a loss of about $2.6 billion.   © Reuters GRACE LI and PEGGY YE, Nikkei staff writersSeptember 2, 2024 18:15 JST | Hong Kong

HONG KONG — Hong Kong real estate conglomerate New World Development on Monday saw its stock price plunge by as much as 14.1% to the lowest level in 21 years after it warned of a hefty loss.

The company expects to record a loss attributable to shareholders of 19 billion to 20 billion Hong Kong dollars ($2.4 billion to $2.6 billion) for the latest fiscal year through June, it said in a filing to the Hong Kong Exchange after the market closed last Friday.

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