New World slips most in 7 weeks on report Blackstone drops tie-up deal

New World Development

14/05/2026 04:14

** Shares of New World Development 0017.HK slip 3.7% to HK$9, on track for the biggest one-day pct decline  since March 23

** Blackstone BX.N has walked away from a proposed $4 billion tie-up with New World Development after the indebted property developer refused to cede control, Bloomberg News reported on Wednesday, citing people familiar with the matter

** Blackstone declined to comment

** "No agreement has been reached with any potential investor, including with respect to the amount, nature or form of any such potential investment into the company" - New World said in a statement on Thursday

** YTD, stock up 24.1%, benchmark Hang Seng Index .HSI up 3.6%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))