Billionaire Chengs’ New World Faces Fresh Test as Airport Mall Tenants Pull Out

Cash-strapped builder New World Development Co. is facing fresh turmoil at its HK$20 billion ($2.6 billion) mall near Hong Kong’s international airport, as a slew of tenants terminate leases, according to people familiar with the matter.

In a striking sign of waning confidence, even a store of Chow Tai Fook Jewellery Group Ltd., tied to New World’s founding Cheng family, has withdrawn from the 11 Skies mall, the people said, asking not to be identified discussing private matters. Chow Tai Fook Jewellery is co-led by Sonia Cheng, daughter of family patriarch Henry Cheng.