Latest news with #NewWorldDevelopment
Business Times
19 hours ago
- Business
- Business Times
New World in talks with Blackstone, CapitaLand: sources
[HONG KONG] New World Development is in talks with several potential investors, including Blackstone and CapitaLand Group, as the cash-strapped Hong Kong developer seeks to dispose of assets to improve liquidity, according to sources familiar with the matter. Blackstone has been in discussions with New World to buy some of its assets, said the sources, asking not to be identified talking about a private matter. The world's largest alternative asset manager could be open to the option of taking the developer private, though there is no concrete proposal for this on the table, the sources said. Singapore property firm CapitaLand also engaged with New World for exploratory discussions in recent weeks, according to the sources. New World is still facing challenges even after it pulled off one of the city's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HK$15.6 billion (S$2.6 billion) led by Deutsche Bank, though it recently missed a self-imposed target for that effort. Other firms, including Ares Management, have also looked at the assets, though there is no indication of any recent concrete discussions, other sources said. Blackstone, CapitaLand and Ares declined to comment. New World did not respond to a query. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Cheng family, worth an estimated US$21 billion as at March, proposed a semi-bailout to New World about two years ago, when it offered to take a subsidiary private and provide the developer with about HK$21.7 billion. The firm reported its first annual loss in 20 years for the 12 months ended June 2024. New World said on Thursday (Aug 7) that no share offers were given to the company by any person, including the controlling shareholder of New World and Blackstone. The statement followed an Octus report that Blackstone and the Cheng family were considering co-investing about US$2.5 billion into New World, with options discussed for the investment in the form of preferred or ordinary equity. Adrian Cheng, the eldest son of the family patriarch, stepped down as chief executive officer in September 2024, and he left the board recently. The Cheng family also owns a stake in Chow Tai Fook Jewellery Group, led by Adrian's sister Sonia Cheng. New World Development might need to focus on selling some of its investment properties to raise liquidity, Bloomberg Intelligence analysts Patrick Wong and John Wong said in a note on Thursday. The company has been seeking to sell its 11 Skies mall at a loss, sources familiar have said. Its China assets are also up for grabs, and the firm is trying to recuperate cash faster, sources familiar have said. BLOOMBERG
Business Times
a day ago
- Business
- Business Times
New World in talks with Blackstone, CapitaLand for asset sales
[HONG KONG] New World Development is in talks with several potential investors, including Blackstone and CapitaLand Group, as the cash-strapped Hong Kong developer seeks to dispose of assets to improve liquidity, according to sources familiar with the matter. Blackstone has been in discussions with New World to buy some of its assets, said the sources, asking not to be identified talking about a private matter. The world's largest alternative asset manager could be open to the option of taking the developer private, though there is no concrete proposal for this on the table, the sources said. Singapore property firm CapitaLand also engaged with New World for exploratory discussions in recent weeks, according to the sources. New World is still facing challenges even after it pulled off one of the city's biggest refinancing deals worth US$11 billion earlier this year. It has also been trying to secure a loan of as much as HK$15.6 billion (S$2.6 billion) led by Deutsche Bank, though it recently missed a self-imposed target for that effort. Other firms, including Ares Management, have also looked at the assets, though there is no indication of any recent concrete discussions, other sources said. Blackstone, CapitaLand and Ares declined to comment. New World did not respond to a query. Controlled by Hong Kong's Cheng family, New World carries the heaviest debt burden among major developers in the city, amid a prolonged real estate downturn in the financial hub and mainland China. Its net debt reached 95.5 per cent of shareholders' equity as at December, according to Bloomberg Intelligence. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The Cheng family, worth an estimated US$21 billion as at March, proposed a semi-bailout to New World about two years ago, when it offered to take a subsidiary private and provide the developer with about HK$21.7 billion. The firm reported its first annual loss in 20 years for the 12 months ended June 2024. New World said on Thursday (Aug 7) that no share offers were given to the company by any person, including the controlling shareholder of New World and Blackstone. The statement followed an Octus report that Blackstone and the Cheng family were considering co-investing about US$2.5 billion into New World, with options discussed for the investment in the form of preferred or ordinary equity. Adrian Cheng, the eldest son of the family patriarch, stepped down as chief executive officer in September 2024, and he left the board recently. The Cheng family also owns a stake in Chow Tai Fook Jewellery Group, led by Adrian's sister Sonia Cheng. New World Development might need to focus on selling some of its investment properties to raise liquidity, Bloomberg Intelligence analysts Patrick Wong and John Wong said in a note on Thursday. The company has been seeking to sell its 11 Skies mall at a loss, sources familiar have said. Its China assets are also up for grabs, and the firm is trying to recuperate cash faster, sources familiar have said. BLOOMBERG
Bloomberg
a day ago
- Business
- Bloomberg
New World in Talks With Blackstone, CapitaLand for Asset Sales
New World Development Co. is in talks with several potential investors including Blackstone Inc. and CapitaLand Group Pte. as the cash-strapped Hong Kong developer seeks to dispose of assets to improve liquidity, according to people familiar with the matter. Blackstone has been in discussions with New World to buy some of its assets, said the people, asking not to be identified talking about a private matter. The world's largest alternative asset manager could be open to the option of taking the developer private, though there is no concrete proposal for this on the table, the people said.
Business Recorder
a day ago
- Business
- Business Recorder
China stocks close at highest level since 2021
HONG KONG: China stocks rose for a fourth straight day to close at a 3-1/2-year high on Thursday, as upbeat export data added fuel to the recent market rally despite renewed US tariff threats. The Shanghai Composite index climbed 0.2% to 3,639.67, the highest such close since December 2021. The blue-chip CSI300 index was little changed. China's exports beat forecasts in July with outbound shipments up 7.2% year-on-year, customs data showed, as manufacturers made the most of a tariff truce with the United States. Markets largely looked past US President Donald Trump's comments on Wednesday that he could announce further tariffs on China similar to the additional 25% duty imposed on imports of Indian goods over its Russian oil purchases, depending on what happens. Investors remain focused on an August 12 deadline to see if Beijing and Washington will reach a durable tariff agreement. 'The upward trend is still intact,' analysts at Pacific Securities said in a note, adding markets remain optimistic about US-China trade talks while technical indicators continue to show bullish momentum. Leading onshore gains on Thursday, the rare earth sector rallied 3.2% to near a three-year high. The energy sector added 0.8% and banking index gained 0.4%. The semiconductor sector gave up initial gains to close largely flat after Trump said the US could levy a 100% tariff on some chip imports. In Hong Kong, the benchmark Hang Seng Index reversed earlier losses with a 0.7% gain, and the tech index added 0.3%. Local developers jumped 2.5% as New World Development surged as much as 20% on a report of talks that could potentially take it private.
RTHK
2 days ago
- Business
- RTHK
HK stocks close higher despite tariff concerns
HK stocks close higher despite tariff concerns The Hang Seng Index ended the day up 171 points, or 0.69 percent, at 25,081. File photo: RTHK Mainland stocks rose for a fourth straight day to close at a fresh three-and-a-half-year high on Thursday, as upbeat export data added fuel to the recent market rally despite renewed US tariff threats. In Hong Kong, the benchmark Hang Seng Index ended the day up 171 points, or 0.69 percent, at 25,081. The Hang Seng China Enterprises Index climbed 0.55 percent to end at 8,981 while the Hang Seng Tech Index jumped 0.26 percent to close at 5,546. New World Development surged up to 20 percent before finishing 10 percent higher at HK$7.14, on a report of talks that could potentially take it private. In response, New World said in a filing late in the trading session that it had not been approached by any person, including the controlling shareholder and Blackstone, in relation to any offer for its shares. On the mainland, the benchmark Shanghai Composite Index ended up 0.16 percent at 3,639 while the Shenzhen Component Index closed 0.18 percent lower at 11,157. The combined turnover of these two indices was 1.83 trillion yuan, up from 1.73 trillion yuan on Wednesday. Shares related to the logistics and semi-conductor industries led gains while stocks related to the insurance, innovative medicine and photovoltaic sectors suffered major losses. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.68 percent to close at 2,342. The mixed performances came as China's exports beat forecasts in July with outbound shipments up 7.2 percent year on year, customs data showed, as manufacturers made the most of a tariff truce with the United States. Markets largely looked past US President Donald Trump's comments on Wednesday that he could announce further tariffs on China similar to the additional 25 percent duty imposed on imports of Indian goods over its Russian oil purchases, depending on what happens. Investors remain focused on an August 12 deadline to see if Beijing and Washington will reach a durable tariff agreement. "The upward trend is still intact," analysts at Pacific Securities said in a note, adding markets remain optimistic about US-China trade talks while technical indicators continue to show bullish momentum. (Reuters/Xinhua)
