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Hong Kong
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Hong Kong’s property downturn is taking a growing toll on New World Development Co., the firm owned by the billionaire Cheng family, Bloomberg News reported. The company said late on Friday it expects to post a loss of as much as HK$20 billion ($2.6 billion) for the financial year ended in June — its first annual loss in two decades. Its share price plunged 13% on Monday to the lowest level since 1986, when Bloomberg started tracking the data.
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