Hong Kong developer New World Development has finalized a record HK$88.2 billion ($11.3 billion) refinancing agreement to restructure its offshore debt, providing much-needed relief amid mounting financial pressure. The deal, involving multiple bank loans with staggered maturities, is secured by parts of the group's assets and aims to improve cash flow and debt management. The company had faced concerns over its solvency after delaying interest payments on perpetual bonds. It had total debt of 210.9 billion HKD ($26.8 billion) as of the end of 2023. Failure to secure the deal by June 30 could have triggered immediate debt repayments. Separately, Adrian Cheng has resigned as Non-Executive Director and Vice Chairman, effective July 1, to focus on public service and personal commitments.