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New World Development Company
New World Development Company (17) investor relations material
New World Development Company H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary27 Feb, 2026
Executive summary
Loss for the first half narrowed to HK$3,730 million, down 44% year-on-year, mainly due to reduced one-off losses, lower financing costs, and lower tax expenses; excluding non-cash provisions, profit attributable to shareholders would be positive.
Seven debt reduction strategies, including asset sales, cost control, and suspension of dividends, have stabilized operations and finances.
Major debt exchange completed, reducing perpetual bonds and notes by HK$20 billion and increasing shareholders' equity by HK$8.7 billion, enhancing financial flexibility.
No interim dividend declared for FY2026, with suspension of dividend and perpetual bond interest payments to support deleveraging.
Sustained business improvement with a focus on reducing indebtedness, prioritizing cash flow, and prudent capital management in an uncertain market.
Financial highlights
Core operating profit fell 18% year-on-year to HK$3,636 million due to lower property delivery volume.
Attributable contracted sales totaled HK$13.8 billion, with HK$10.3 billion from Hong Kong and RMB3.2 billion from the Chinese Mainland.
Segment results declined 24% year-on-year; IP segment grew 5% excluding asset sales and new openings.
G&A expenses dropped 18% year-on-year to HK$1.5 billion; CapEx for the first half was HK$3.5 billion, down 29% year-on-year.
Total financing cost decreased by HK$600 million year-on-year; average interest rate dropped to 3.1% in Dec 2025 from 3.9% in June 2025.
Outlook and guidance
Over 1,300 units to be launched in Hong Kong in the second half, including new and existing projects.
CapEx guidance for FY2026 is below HK$12 billion.
Confident in achieving HK$27 billion full-year contracted sales target.
Focus remains on accelerating sales, cash recovery, and cost control as market conditions improve.
Several major projects in Hong Kong and the Chinese Mainland are progressing as planned, with new launches expected in 2026.
Impact of debt exchange on total debt reduction?
Northern Metropolis projects' GFA and sales outlook?
K11 MUSEA's strategy for sales and footfall growth?
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New World Development Company
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Frequently asked questions
New World Development Company Limited is a conglomerate based in Hong Kong, primarily involved in property development, infrastructure, and services. The company operates through several business segments, including property development, property investment, hotel operations, and department stores. Its property development segment focuses on the development and sale of residential, commercial, and industrial properties, while the property investment segment deals with leasing out office and retail spaces. The hotel operations segment manages and operates hotels and serviced apartments, and the department stores segment operates department stores and retail outlets. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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