Story perspectives

Blackstone's $2.5B Bid Stalled by Cheng Family Control

3/4/2026

Summary

Story summary

Talks between Blackstone and New World Development, the Hong Kong property developer, stalled as the Cheng family resists relinquishing control.
Blackstone offered $2.5 billion to become the largest shareholder and the Cheng family would contribute $1–$1.5 billion.
The Cheng family is pursuing alternative deals with other investors to raise capital without losing influence.
New World Development is negotiating asset sales including the K11 Art Mall but has not secured buyers.

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Story summary

Talks between Blackstone and New World Development, the Hong Kong property developer, stalled as the Cheng family resists relinquishing control.
Blackstone offered $2.5 billion to become the largest shareholder and the Cheng family would contribute $1–$1.5 billion.
The Cheng family is pursuing alternative deals with other investors to raise capital without losing influence.
New World Development is negotiating asset sales including the K11 Art Mall but has not secured buyers.