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New World Development’s (NWD) unit in mainland China reported that it sold residential projects worth $1.37bn year-to-date. The unit New World China Land (NWCL), is said to have made its place into the top 100 developers in the region following the numbers, adding that ~40% of the sales figure came in July and August. NWD’s dollar bonds staged a recovery yesterday, rallying by over 6-7% across the curve after a sharp sell-off last week due to rumors that NWD “had pledged its projects” to obtain financing. NWD said that its projects have “gained strong market recognition and achieved steady growth”.
NWD’s dollar bonds were trading stable with its 5.25% Perp at 63.8 cents on the dollar, yielding 25.5% to its next call date in March 2026.
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