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New World Development (NWD) has sold its stake in D-PARK shopping mall in Hong Kong for HK $4bn ($514mn) to ChinaChem group, according to a statement released by the company on Friday. This development follows the company’s plan to trim its $1bn of non-core assets, announced a day earlier. In order to reduce its debt overload, along with the sale of non-core assets, NWD presented several other measures including lowering operational expenses and repurchasing bonds in its earnings release.
NWD’s 4.125% Perp inched higher by 0.5 cents to 56.6 cents on the dollar, yielding 13.18%
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