Adrian Cheng, a third-generation heir of New World Development, had resigned as a non-executive director and non-executive vice-chairman, the company said in a separate filing to the exchange on Monday.

Cheng stepped down as CEO in September, after the company reported its first annual loss in over 20 years.

New World, which carries one of the highest debt ratios among its peers, changed its chief executive twice last year.

It also announced that it has received commitments for a HK$88.2 billion loan refinancing package, as the property developer finalises a crucial lifeline in a struggling market.

The refinancing, poised to be one of the largest ever seen in Hong Kong, concludes months of negotiations over a debt package designed to bring the company back from the brink of default.

Giving details of its refinancing plan, New World said it had refinanced portions of its existing offshore unsecured debt, including bank loans, through a new facility and had also aligned the terms of its remaining loan agreements.

The new facility consists of multiple tranches of bank loans with different maturities, the earliest being June 30, 2028.

The refinancing includes terms, such as financial covenants and security over certain assets, that provide the firm with greater flexibility to effectively manage its ongoing business operations and financial requirements, the company said.

"We would like to express our sincere gratitude to the banking community for their continued support. This is a testament to the confidence placed in our operation," said Echo Huang, CEO of New World.

She added that the group's financial management strategy is to prioritise reducing debt and improving cash flow. (Reuters)