New World Development's HK$20 billion airport mall faces fresh upheaval as multiple tenants exit. The cash-strapped developer has been working to stabilize operations at the massive retail complex near Hong Kong's international airport.

Lease terminations threaten the project's viability just as the company struggles with debt obligations. Hong Kong's retail sector has weakened significantly since pandemic disruptions, hurting foot traffic at tourist-dependent locations.

The mall's troubles underscore broader challenges facing luxury retailers and property developers in China. Analysts are watching whether institutional investors step in to restructure debt or take control of assets.

Airport Mall was envisioned as a cornerstone of New World's retail expansion strategy. Mounting tenant exits raise fresh doubts about the company's ability to service its $2.6 billion obligations tied to the development.