Golden Sachs expects New World to reduce debt-to-equity ratio by 1%

Despite the denial by New World Development (0017) that it will not sell Chongqing Iron & Steel (1053) and the declaration that it does not rule out sale of state stocks, Goldman Sachs estimated that the company would sell remaining state stocks when the state stock sector soars, with the special earnings expected to hit HK$250 mln. The debt-to-equity ratio would be reduced by 1% to 45%, and the rating was maintained at "lagging the market".

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