Overview

• New World Development said it has not received any funding proposal from its controlling Cheng family, a disclosure that sent the stock down 2.7% after a 6.8% jump the previous day.
• Media reports had said the family was weighing about HK$10 billion in fresh equity and seeking a partner to contribute a similar amount through a joint venture, citing people familiar with the talks.
• Blackstone and CapitaLand were described as being engaged in discussions that could include asset purchases or participation in a recapitalization, according to earlier reporting.
• The company confirmed discussions continue on a Deutsche Bank-led loan facility, after a self-imposed mid-July timetable for financing was missed and no bank had formally committed as of late last month.
• Some prospective backers have pressed for security over the family's holdings or dividend terms and indicated they would not commit without family capital, according to people involved in the talks.