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Blackstone Reportedly In Talks to be Largest Shareholder of NWD
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Blackstone Inc. (BX.US) is in advanced negotiations to become the largest single shareholder of NEW WORLD DEV (00017.HK), indicating a potential change of control, Bloomberg, citing people with the knowledge of the matter, reported. Under the proposed agreement, the US company will reshuffle New World, while New World can continue to attempt to sell assets to enhance liquidity, people familiar with the matter said. Chow Tai Fook Enterprises, under the Cheng family, currently holds about 45% of New World. The sources mentioned that it is still unclear how much stake Blackstone will hold after the transaction is completed and how much the Cheng family will be paid for the acquisition of this equity. However, such an agreement would provide pivotal confidence support for the debt-laden Hong Kong developer. If the Cheng family relinquishes control of New World to this US company, it would mark a pivotal turning point, underscoring the challenges the developer faces in seeking more funds and maintaining operations. AASTOCKS Financial News Website: www.aastocks.com |
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