NWD says parent approached by investors after report links Blackstone to stake sale
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New World Development (NWD), a Hong Kong property developer, acknowledged that its parent company, Chow Tai Fook Enterprises (CTFE), has been approached by potential investors. This follows a Bloomberg report suggesting Blackstone, a major asset manager, is considering acquiring a significant stake in NWD and leading a restructuring to improve liquidity. The report indicated Blackstone could become the single largest shareholder. NWD stated it is aware of the media speculation and has inquired with CTFE. While CTFE confirmed the approaches, NWD clarified that no agreements have been reached and there is no guarantee of a transaction.
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AI-ExtractedNo agreements had been reached and there was no certainty that any transaction would proceed.
CTFE confirmed it had been approached by several parties.
Bloomberg reported that Blackstone was in discussion to become the single largest shareholder of NWD.
New World Development said its parent, Chow Tai Fook Enterprises, has been approached by potential investors.
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