Heavily indebted New World Development (NWD) has launched exchange offers for US$1.9 billion of its outstanding perpetual securities and notes to optimise its debt profile, enhance its liquidity and improve its financial position amid a challenging property market. The exchange offers covered a series of existing instruments, including perpetual securities issued by NWD Finance and notes issued by NWD (MTN) and New World China Land, which were guaranteed by NWD, according to a filing to the Hong...