NWD says parent approached by investors after report links Blackstone to stake sale

New World Development (NWD), the embattled Hong Kong property developer, said late on Thursday that its parent, Chow Tai Fook Enterprises (CTFE), has been approached by potential investors after reports that CTFE may sell part of its stake to Blackstone.Bloomberg reported early that Blackstone – the world’s biggest asset manager – was in discussion to become the single largest shareholder of NWD, citing people familiar with the matter.Under the proposed arrangement, the US alternative asset manager would lead a restructuring of NWD, with the developer selling assets to improve liquidity. The size of Blackstone’s potential stake was not disclosed, the report said.In a late-night filing to the Hong Kong stock exchange, NWD said it was aware of media speculation about potential new investors and had made inquiries with CTFE, which confirmed it had been approached by several parties.Blackstone in the frame: reports say the asset manager has approached CTFE for a stake sale. Photo: ReutersNo agreements had been reached and there was no certainty that any transaction would proceed, the company said.