HONG KONG -- New World Development, one of Hong Kong's major family-owned real estate conglomerates, has warned of another deep loss, widening concerns over the state of the city's property market.
The company controlled by the Cheng family announced late Friday night that its net loss for the six months through December will reach up to 6.8 billion Hong Kong dollars ($872 million). New World's stock -- long a blue chip but significantly weakened in recent years, and ejected from the benchmark Hang Seng Index in December -- was trading sharply higher on Monday after closing last week at HK$4.43, as investors may have expected even worse numbers.
