New World Development posts HK$26.8b loss after 11 Skies termination

New World Development (NWD) reported a net loss of HK$26.8 billion (US$3.42 billion) for the year ended June, as the developer booked HK$18.3 billion in impairments and provisions tied to the early termination of its flagship 11 Skies mall project. Echo Huang, the firm’s chief executive, said at a Wednesday earnings briefing that the group had “met its targets over the past 18 months”, including focusing on its property business, improving cash flow and enhancing operating efficiency. NWD will...