New bond set for this year

New World Development Co managing director Henry Cheng Kar-shun says an innovative issue of convertible bonds by the firm should be completed this year.

Earlier this week the company said it was looking into the possibility of issuing bonds convertible into shares in a new company holding selected properties in China.

Mr Cheng said issuing convertible bonds was easier and quicker than arranging a separate listing for its China projects.

Speaking on Hong Kong's future, Mr Cheng - chairman of the Advisory Council of the Better Hong Kong Foundation - said a growing economy, a rebound in the property market, a slowdown in emigration and a strengthening of business ties between Hong Kong and China would boost confidence.