HONG KONG -- More than five years ago, when New World Development asked banks in Hong Kong for a billion-dollar syndicated loan to fund the construction of a lavish shopping mall by the city's airport, banks had to fight for a share of the deal -- and they did not ask for collateral.
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As one of Hong Kong's most indebted developers, New World Development had to offer its prized assets, including the 11 Skies luxury airport shopping mall as collateral to secure $11 billion refinancing loans in June. © Getty Images
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