New World Development (17.HK) fell 2.12% during regular trading to HK$4.845, a 52-week low.
The developer completed the final settlement of its U.S. dollar note exchange offer on Friday, retiring more than $199 million of existing notes and issuing over $189 million of new notes due December 2032. The company had sought to extend the maturity of three bonds originally due in 2027 and 2028 to optimize its debt profile.
In other developments, a residential project in Tseung Kwan O, developed jointly with China Merchants Land, has broken ground and is expected to yield about 600 small-to-medium units. Swiss luxury watchmaker Audemars Piguet will open a 13,000-square-foot flagship store in New World Tower in Central at a monthly rent exceeding HK$2 million. The company earlier returned the 11 SKIES project to the Airport Authority, paying a cash penalty of about HK$2.3 billion to ease its debt burden.
Morgan Stanley maintained an underweight rating on the stock and cut its target price to HK$5.2, noting that while uncertainty around 11 SKIES has been resolved, the company still faces elevated leverage, interest-rate risk and liquidity pressure.