0814 GMT - New World Development's early termination of its 11 Skies sub-lease with the Airport Authority is positive, says Citi analysts in a note. The move removes an annual guaranteed rent obligation of HK$1.8 billion through September 2066, which Citi estimates exceeds potential rental income from the asset, they say. The company booked a HK$18.3 billion net impairment loss last year, including HK$14.7 billion of asset impairments and HK$2.3 billion of early termination costs, they add. Beyond 11 Skies, the company is seeing several sources of balance-sheet relief, including a HK$1 billion additional credit line secured against Victoria Dockside, lower finance costs following its December 2025 debt exchange, and a proposed REIT spin-off that could unlock HK$3.7 billion from Shanghai K11 assets, they say. Shares has been volatile and last down 4.1% in Hong Kong.