New World Development Faces Tenant Losses at HK$20 Billion Airport Mall Amid Hong Kong Retail Challenges
New World Development is facing tenant losses at its HK$20 billion airport mall in Hong Kong, as several tenants terminate leases amid ongoing retail challenges. Meanwhile, Lifestyle International Holdings is in discussions to refinance an HK$8 billion loan, with proceeds aimed at addressing a maturing obligation linked to the Sogo department store. Other developments include potential collective sales at Singapore's Orchard Shopping Centre and a significant power purchase agreement by NTT Global Data Centers for its Bangkok facility.
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New World Development is experiencing difficulties at its HK$20 billion ($2.6 billion) airport mall in Hong Kong, with multiple tenants terminating leases. Meanwhile, Lifestyle International Holdings is negotiating with banks to refinance a HK$8 billion ($1.03 billion) loan, following relaxed terms from lenders due to ongoing earnings pressures.
The refinancing proceeds will help address a loan maturing in June, secured against the Sogo department store in Causeway Bay. In Singapore, Orchard Shopping Centre owners are reportedly considering a collective sale.
Additionally, NTT Global Data Centers has signed a 100-megawatt power purchase agreement for its Bangkok 4 Data Center, scheduled for energization in the second quarter of 2027. The Seoul housing market continues to rise, marking its 51st consecutive week of price increases amid economic contraction concerns.
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