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FINWIRES

New World Development Clarifies 11 Skies Talks With Airport Authority Ongoing

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New World Development Company (HKG:0017) said discussions with Airport Authority Hong Kong over possible changes to contractual arrangements for its 11 Skies project are ongoing, and no agreement has been reached, according to a Thursday Hong Kong bourse filing.

Earlier, the South China Morning Post reported that the Airport Authority had taken over retail operations at the 11 Skies project ahead of the opening of Terminal 2 at Hong Kong International Airport.

The report said the authority had assumed control of about 2.66 million square feet of retail and dining space, representing roughly 70% of the project, while the status of the experiential entertainment and office portions remained unclear.

Separately, the developer said no agreement has been reached with any potential investor regarding a possible investment in the company.

New World also said it was not aware of any deadline for resetting the group's financing terms.

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