New World considers sale of 大多数 of $1.4 bln Hong Kong office tower -sources
By Clare Jim
HONG KONG, Feb 2 (Reuters) - Hong Kong's New World 開発 is talking to 投資家s about the sale of a 大多数 火刑／賭ける in an office tower under its 賞与金 K11 brand as it 配置する／処分する／したい気持ちにさせるs of 非，不，無-核心 資産s to 基金 its 早い 拡大, two people with direct knowledge of the 事柄 said.
The Grade-A K11 Atelier King's Road tower in eastern Hong Kong island from the city's fourth-biggest developer is valued in its entirety at HK$11 billion ($1.4 billion), によれば the people.
To attract 投資家s and sell at a good price, New World is 申し込む／申し出ing a 保証（人）d capitalisation 率 - a 手段 associated with 賃貸しの 産する／生じる - of around 4% under a 取引，協定 structure 類似の to the sale of a land 陰謀（を企てる） last year, the people 追加するd. They spoke on 条件 of anonymity because the 会談 were 私的な.
Previous big 処分s by New World had raised liquidity 関心s and 与える／捧げるd to a sell-off in 社債s in the developer, which is 大多数-owned by 地元の 複合的な／複合企業体 Chow Tai Fook 企業s and more 高度に てこ入れ／借入資本d than peers. The 社債s have since 大部分は 回復するd in price after the developer repurchased 公式文書，認めるs 価値（がある） HK$6.5 billion.
New World said in a 声明 to Reuters that it had no 計画（する）s to sell a 火刑／賭ける in K11 Atelier King's Road, though it was ありふれた practice to 交流 見解（をとる）s with 投資家s on 商売／仕事 感情, valuation and 可能性のある 投資 適切な時期s.
"The K11 Atelier King's Road is not amongst our 旗艦 大臣の地位," it said. "New World 開発 also has no 利益／興味 in selling any other K11 所有物／資産／財産s. We are in a very strong liquidity position with 強健な cash reserves."
K11 Atelier King's Road was 名簿（に載せる）／表（にあげる）d as a standout 財政上の performer in an 投資家 贈呈 in Septembe r, with operating 利益（をあげる） up 35% year-on-year.
Hong Kong's 最高の，を越す developers have enjoyed １０年間s of lucrative returns in one of the world's most expensive 所有物／資産／財産 markets, but 落ちるing 所有物／資産／財産 sales and rents in both 本土／大陸 中国 and the 全世界の 財政上の centre, 同様に as rising 利益／興味 率s are putting 圧力 on the 部門.
"New World's capex is bigger than many other developers, and it makes sense to 再生利用する 資本／首都 by 配置する／処分する／したい気持ちにさせるing 資産s that have いっそう少なく 可能性のある to grow its 大臣の地位," said Will Chu, a Hong-Kong based 分析家 at CGS-CIMB 安全s.
DIVIDEND RATE GUARANTEED
The people told Reuters that any 処分 of K11 Atelier King's Road is 推定する／予想するd to model the sale of a 51% 利益／興味 of a 商業の land 陰謀（を企てる） in western Kowloon to 代案／選択肢 資産 経営者／支配人 Ares SSG last September, under which New World 供給するd a 5% （株主への）配当 率 for four years.
詳細（に述べる）s of the 保証（人）d 率 have not been 報告（する）／憶測d 以前.
The 保証（人） 許すd New World to sell at a higher-than-market HK$3.1 billion, 調書をとる／予約するing a HK$450 million 伸び（る）, and supported the valuation of its nearby 事業／計画（する）s for sale, the people 追加するd.
Ares SSG 拒絶する／低下するd to comment.
A 類似の structure is also 存在 申し込む／申し出d to 投資家s to buy D-Park, a shopping 商店街 価値（がある） HK$6 billion on a 100% basis, the people said.
New World is not financially 苦しめるd によれば the people, along with a third person who 取引，協定s 直接／まっすぐに with the developer, but it needs more cash to support its 早い 拡大.
The developer's gearing 割合 was 43.2% at the end of June, versus a Hong Kong 産業 普通の／平均（する） of around 20%. If its perpetual 安全s were 分類するd as 負債, the 割合 would rise to around 70%.
The company 計画（する）s to 追加する 21 K11 事業／計画（する）s in Hong Kong and 本土／大陸 中国 by 2026 for a total of 38, it said in September. It also 予測（する） its 普通の／平均（する） 財政／金融ing cost would rise to 4.5% this 財政上の year from 2.5% last year, 追加するing HK$1.2 billion in costs.
New World sold HK$31.9 billion 価値（がある） of 非，不，無-核心 資産s in the 2021 and 2022 財政上の years, and 計画（する）s to sell another HK$25 billion in the next two years to raise 資本／首都 for 適切な時期s in the Greater Bay Area, it said in September. ($1 = 7.8349 Hong Kong dollars) (報告（する）／憶測ing by Clare Jim; Editing by Jamie 解放する／自由なd)
