Harneys advises landmark HK$88 billion financing for New World Development

This landmark transaction involves restructuring and integrating select banking arrangements for New World Development, enhancing the group’s ability to address its evolving operational and financial objectives. Distinguished by its exceptional size and intricacy, the financing involved an extensive network of leading financial institutions from both Hong Kong and overseas. The matter demanded sophisticated structuring and implementation of advanced intercreditor frameworks specific to the real estate industry, setting a new benchmark in Hong Kong’s financial sector and signalling a pivotal advancement in the region’s approach to large-scale financings.

The Harneys team was led by Global Head of Banking & Finance and Corporate groups and Hong Kong Managing Partner Paul Sephton, with support from Counsel Marina Tse and Associate Flavia Au. Linklaters acted as the international counsel to New World Development.

Paul commented: “We are delighted to have supported New World Development on this landmark transaction. This deal demonstrates the strength and sophistication of Hong Kong’s financing market and the continued confidence in New World Development’s vision.”

Harneys’ Banking & Finance team has decades of experience in offshore credit and security legal issues relating to debt finance, including loan finance, debt issuance, lease financing, shariah compliant finance, distressed debt and enforcement of security and derivatives. The team’s deep understanding about the business environment in which their clients operate help build strong networks with industry players and service providers in key markets around the world.