New World Development (HKG:0017), together with its partners, sold 138 apartment units within hours at a new project in southern Hong Kong Island after pricing the units at a discount, Bloomberg News reported Sunday, citing the company.

The homes at Deep Water Pavilia were the cheapest among new residential projects in the Southside area, the report said.

The group faces mounting pressure to repay loans if it fails to reach a refinancing deal with banks for HK$87.5 billion in borrowings by the end of this month, Bloomberg reported earlier.

It has pledged around 40 properties as collateral, including its trophy asset, the commercial complex at Victoria Dockside, Bloomberg said.

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