Shares of New World Development (0017.HK), a major Hong Kong property developer, plunged as much as 14% to hit HK$6.74 at one point, marking a new low in 21 years.
The sell-off came after the company on Friday issued a profit warning, expecting to record a net loss attributable to shareholders ranging from HK$19 billion to HK$20 billion for the financial year ended in June.
The group attributed the loss to lack of revenue recognition of major projects including the Pavilia Farm I & II, revaluation or impairment . . .
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