New World Development, one of Hong Kong’s largest property developers, is bracing for its first financial loss in two decades, a stark signal of the severe impact of Chinese President Xi Jinping’s crackdown on the property market and the broader economic malaise gripping Hong Kong. The Cheng family-owned firm has projected a substantial loss of up to HK$20 billion ($2.6 billion) for the financial year ending in June, marking a significant downturn for a company that has long been a key indicator of Hong Kong’s economic health. Excessive borrowing by Chinese property developersNew World’s finan…