Billionaire family considers contributing US$1.3 billion as early as the end of the year, according to people familiar with the matter
The family of Hong Kong tycoon Henry Cheng was willing to contribute about HK$10 billion (US$1.3 billion) and was seeking a partner that could provide a roughly similar amount for an equity stake, said the people, who asked not to be identified discussing private matters. The plan under discussion would establish a joint venture to provide liquidity to New World, the people said. The talks were ongoing and details about the deal’s size and structure could change.
Blackstone and CapitaLand Group were among the firms engaged in the discussions, the people said. The two companies had also been in talks with New World to buy some of its assets, Bloomberg News reported earlier.
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