Hong Kong property developer New World Development (NWD) reported a net loss of HK$26.8 billion (approximately US$3.42 billion) for the fiscal year ending June, primarily due to an HK$18.3 billion impairment and provision stemming from the early termination of its flagship 11 Skies mall project. Under an agreement reached on Wednesday, NWD will return the 11 Skies project to the Airport Authority Hong Kong next year and pay an early termination fee of HK$2.3 billion, a non-cash impairment of HK$14.7 billion, and an engineering provision of HK$1.05 billion for pre- and post-handover works.