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Blackstone Reportedly Walks away from USD4B Deal With NEW WORLD DEV
2026-05-13 17:40:37 Blackstone Inc. (BX.US) has walked away from its USD4 billion deal with NEW WORLD DEV (00017.HK) after the Cheng family refused to relinquish control, ending months of deadlocked negotiations, Bloomberg reported, quoting people with the knowledge of the matter. Since March, NEW WORLD DEV has also been in talks with other potential buyers, including a consortium led by RRJ Capital and Ares Management Corp. However, progress has been slow. Unlike Blackstone Inc., these consortia did not seek to obtain control of NEW WORLD DEV, instead opting to take minority stakes to ensure the Cheng family remains the largest shareholder. RRJ Capital is reportedly still forming a consortium, having proposed acquiring less than a 30% stake in NEW WORLD DEV through a share sale. Ares, on the other hand, proposed injecting capital to strengthen NEW WORLD DEV's balance sheet, but insisted that the Cheng family pledge shares as collateral. However, all potential investors reportedly required NEW WORLD DEV to resolve approximately HKD70 billion in liabilities related to the long-term lease agreement of 11 SKIES as a precondition for any deal. NEW WORLD DEV is now negotiating with Airport Authority Hong Kong to terminate the original agreement and transfer a shopping mall valued at HKD30 billion to the authority at no cost. ~ AASTOCKS Financial News Website: www.aastocks.com | |