Meantime, Blackstone’s proposal entailed the family ceding its control of New World in exchange for US$2.5 billion from the asset manager. Talks with Blackstone slowed as the family explores deals with other investors without ceding influence, Bloomberg reported earlier this month. The Chengs have good reasons to bet on a bullish property market. Since the US$11 billion refinancing, New World has taken more steps to further strengthen its liquidity, allowing the Cheng family to wait till the property market turns. Spokespersons for New World Development and Chow Tai Fook Enterprises Ltd, the main investment vehicle of Hong Kong’s billionaire Cheng family, didn’t respond to requests for comment.

Source: The Edge Markets March 20, 2026 01:32 UTC