Overview
- Bloomberg, citing people familiar, reports Blackstone is close to a transaction that would make it New World Development’s largest shareholder.
- New World says CTFE, which holds the controlling stake, has been approached by several potential investors and that no deal is assured.
- Key terms such as the size of any stake and the price to the Cheng family have not been disclosed.
- LSEG data shows CTFE owns 45.24% of New World and the company’s market capitalization stands at HK$28.01 billion.
- The developer has been working to refinance as the most indebted among its peers, facing tighter credit conditions and a weak office market, while Blackstone manages over $1 trillion in assets.