Jeff Zhang, an equity analyst at research firm Morningstar, says New World's balance sheet is much weaker compared with those of other major property developers in Hong Kong. Weighed down by HK$124 billion in debt, New World's net gearing ratio of 55%—for the year ended June—is the highest among its peers. The debt-to-equity ratio of billionaire Lee Shau Kee's Henderson Land Development was 22% as of June whereas it was 18% at the Kwok family's Sun Hung Kai Properties.