It was a Wednesday evening in late September and analysts covering New World Development Co. were getting antsy. The cash-strapped Hong Kong developer was late to report its earnings, and executives hadn’t shown up to a scheduled briefing.
Behind the scenes New World was scrambling to hammer out a deal that, when announced hours later, would give it a crucial lifeline, according to people familiar with the matter. Hong Kong’s Airport Authority agreed to waive billions of dollars in rent the company had committed to pay for its struggling 11 Skies project near the airport, alleviating its debt burden.