Hong Kong property developer New World Development is reportedly seeking to sell its flagship 11 Skies mall near the airport at a loss in an effort to alleviate mounting liquidity pressures, according to sources cited by Bloomberg on July 16.

The developer has held preliminary talks with the Airport Authority Hong Kong regarding the potential sale. While discussions are still in the early stages and subject to change, one source estimated the mall’s valuation at 15–17 billion HKD ($1.92–$2.19 billion) — significantly below the 20 billion HKD ($2.56 billion) New World originally invested in the project.

Facing financial strain, New World recently secured 88.2 billion HKD in what is the largest refinancing deal in Hong Kong’s history. Bloomberg previously reported that the developer is also planning to divest mainland China assets, including landmark K11 properties in Hangzhou, Shenzhen, and Shanghai, as part of a broader strategy to improve its financial position.