HONG KONG -- New World Development vowed on Friday to control costs and reduce the size of its debt as the Hong Kong and China-focused developer incurred hefty losses from property revaluation amid a challenging market.
For the six-month period through December, New World logged a net loss of 6.6 billion Hong Kong dollars ($853 million), the group said in a filing to the Hong Kong Stock Exchange. It bagged a net profit of HK$502 million in the same period a year before.The six-monthly losses were mainly due to a one-off loss of HK$1.6 billion on fair value changes on investment properties and a HK$3.4 billion impairment on development properties.
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