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Blackstone talks with Hong Kong’s New World stalled over control; family resists $2.5B investment amid debt and market pressures.
Talks between Blackstone and Hong Kong’s New World Development have stalled over disagreements on control, with the Cheng family resisting a proposed $2.5 billion investment that would make Blackstone the largest shareholder.
The family, which owns 45.24% of the company, is exploring other funding options and asset sales to ease debt pressure amid Hong Kong’s weak property market.
Despite a 26% rise in New World’s shares this year, no deal has been finalized, and the company continues to face financial strain, including a HK$3.7 billion loss and HK$122.7 billion in net debt.
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Las conversaciones de Blackstone con el Nuevo Mundo de Hong Kong se estancaron por el control; la familia se resiste a la inversión de $ 2.5B en medio de deudas y presiones del mercado.