UBS has ceased accepting certain bonds and shares from Hong Kong real estate developer New World Development as collateral for margin loans, following similar actions by Citigroup and HSBC. The company has faced significant financial difficulties, reporting a record net loss of HKD 19.7 billion in the 2024 fiscal year, attributed to its high debt of HKD 199 billion. Recent management changes, including a new CEO who resigned after two months, have added to the turmoil surrounding the firm, owned by billionaire Henry Cheng.
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