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NWD Purportedly Faces Mass Tenant Exits at 11 SKIES; Airport Authority In Talks with Other Developers for Co-op
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NEW WORLD DEV (00017.HK) is charting numerous tenant terminations at its 11 SKIES mall near Hong Kong International Airport, Bloomberg, citing people with the knowledge of the matter, reported. Even CHOW TAI FOOK (01929.HK), associated with the Cheng family of NWD, has withdrawn its store from 11 SKIES. Other tenants that have exited include Uniqlo, Y-3, and LUK FOOK HOLD (00590.HK). Delays in the construction of the airport's Terminal 2 have further impacted the prospects for 11 SKIES, sources divulged. The construction of Terminal 2 is expected to be delayed by another two to three months, meaning the opening of 11 SKIES will be postponed to at least mid-year. NWD has not responded to the news, while the Airport Authority Hong Kong (AAHK) reiterated its plan to open Terminal 2 in the second quarter, and is contemplating parting ways with NWD, having approached other developers to discuss operational arrangements. AASTOCKS Financial News Website: www.aastocks.com |
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