New World Development Posts First-Half Loss as Woes Persist

New World Development Co. posted a loss in the first half as Hong Kong’s property downturn continued to weigh on the distressed developer.

The company lost HK$3.73 billion ($477 million) in the six months ended Dec. 31, according to a filing to the Hong Kong stock exchange Friday. That narrowed from a HK$6.6 billion loss a year earlier. New World’s business year ends in June.