Hong Kong developer New World's shares sink as coupon payments deferred

HONG KONG (Reuters) -- New World Development, a major Hong Kong property developer, saw its shares and bonds tumble on Monday after announcing it would defer coupon payments on its perpetual bonds, increasing concerns about its liquidity.

The market has been watching whether New World's debt woes might be a harbinger of a sector crisis similar to the one in mainland China that started in 2021.