FinanceHong Kong banks tighten credit as bad property loans grow
More developers flag risks of default amid deepening real estate downturn
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
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.