New World Development Co. is pushing to sell at least one asset by June's end to hit a HK$27 billion ($3.5 billion) sales target. The Hong Kong-based conglomerate needs this move to generate positive cash flow, according to people familiar with the matter.

This urgency stems from the company's broader strategy to reduce debt and stabilize its balance sheet after years of heavy investment in property and infrastructure. For investors, the asset sale signals a critical pivot from growth to liquidity, a common move for Chinese developers facing a tight credit environment.

The sale's success will be closely watched as a barometer for New World's financial health and the broader Hong Kong property market. A completed deal could reassure creditors and potentially boost its stock, while any delay might raise concerns about its ability to manage its extensive portfolio.