New World Gets $508 Million Loan, Missing Top End of Target (1)

New World Development Co., the distressed builder at the center of broader property woes in Hong Kong, secured a HK$3.95 billion ($508 million) loan backed by its crown jewel asset in the city, falling short of the high end of its initial target.

The amount is about 75% less than the upper end of the HK$4 billion to HK$15.6 billion range it was seeking earlier. Some of its existing lenders had previously expressed little interest in further increasing their exposure to the beleaguered developer, which had previously missed a self-imposed target of July 11 to complete the borrowing.

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