---
title: "New World Development falls 2% to 52-week low on note exchange"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/302806127.md"
description: "NWD falls 2% to 52-week low of HK$4.845 on $199M note exchange; Morgan Stanley cuts target to HK$5.2."
datetime: "2026-10-23T02:22:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/302806127.md)
  - [en](https://longbridge.com/en/news/302806127.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/302806127.md)
generator: "portal-rs"
---

# New World Development falls 2% to 52-week low on note exchange

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.

### Related Stocks

- [00017.HK](https://longbridge.com/en/quote/00017.HK.md)

## Related News & Research

- [New World Development Expects to Exchange USD 199.28 Million of Outstanding Notes](https://longbridge.com/en/news/302480428.md)
- [New World Development exchanges USD 199.28 million of existing notes](https://longbridge.com/en/news/302861551.md)
- [New World Development exchanges USD 199.08 million of notes in early settlement](https://longbridge.com/en/news/302476297.md)
- [Report Says NEW WORLD DEV  Seeks Two-Year Extension for HKD88 Billion Loan](https://longbridge.com/en/news/302085865.md)
- [New World Development, China Merchants Land Break Ground on 600-Home Tseung Kwan O Project](https://longbridge.com/en/news/302373742.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**