$NEW WORLD DEV(00017.HK) New World Development's stock dropped over 10% today. How could such a big event go unnoticed?
Summary of what happened:
1. New World Development issued a profit warning: Expected to shift from profit to loss in FY2024, with a net loss of up to HKD 20 billion
2. New World Development's debt ratio reached 87%
3. New World Development plans to sell Tsim Sha Tsui's K11 ART MALL for survival, rumored price at HKD 9 billion
4. Chow Tai Fook Enterprises (the board of the Cheng family) established a CEO office, but New World Development's helmsman Adrian Cheng (eldest son) was not included
5. Adrian Cheng remains obsessed with art
Personal interpretation:
The bearded artist (Adrian Cheng) was "deposed as heir." It's still too early to say if "wealth never survives three generations" will come true again.