HK Builder New World Nears $11 Billion Loan Refinancing Deal

New World Development Co., one of Hong Kong’s most indebted builders, is close to securing a crucial HK$87.5 billion ($11.1 billion) loan refinancing deal, according to people familiar with the matter, the culmination of months of negotiations as it raced to secure a lifeline amid a deepening liquidity crisis.

New World has received preliminary consent from all the lenders for the refinancing deal, even from those that had previously resisted, the people said, asking not to be identified discussing private matters. A few of the banks are still working on formal written commitments, the people added.