Distressed Hong Kong developer New World Development Co. got agreement to swap 65% of its perpetual bonds in an exchange plan by an early deadline, leaving further work to deliver on a key part of its efforts to manage the highest debt load among builders in the city.
Investors only tendered $2.09 billion of the securities by an initial early deadline of Nov. 17 out of a potential amount of as much as $3.2 billion, a company filing showed. The company extended that early deadline for investors to receive certain incentives to Dec. 2.
