New World Development Co., the Hong Kong developer whose increasing distress had already put investors on edge, jolted them Friday with a surprise decision to defer interest payments on some bonds, amid a struggle with HK$210.9 billion ($26.9 billion) of liabilities.
The company, controlled by the family empire of tycoon Henry Cheng, said it’s planning the step for coupons on four perpetual notes, according to a filing to the Hong Kong Stock Exchange. In total, New World would postpone $77.2 million of debt obligations due next month, according to Bloomberg calculations.
New World’s 6.15% perpetual bond, which has ...
