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Bond Market News
NWD Suffers Setback on Blackstone Investment and 11 Skies Mall Agreement
May 15, 2026
New World Development (NWD) suffered a fresh setback amid two updates. Reports indicated that Blackstone walked away from a proposed investment in NWD after a fundamental disagreement over control. Earlier this year, reports noted that Blackstone had sought to inject roughly $2.5bn into an SPV, potentially becoming NWD’s largest shareholder, alongside a mandate to restructure the company’s balance sheet, reset bank loan terms, and review assets. However, the Cheng family, which holds approximately 45% of NWD through Chow Tai Fook Enterprises (CTFE), is said to have declined any arrangement that would dilute their controlling position. NWD is now said to be in early stage talks with a consortium led by RRJ Capital and Ares Management, both of whom have proposed minority-stake structures that would preserve the Cheng family’s control. However, NWD’s management noted that there have been no material developments or agreements yet relating to potential investments into the company.
Separately, in an exchange filing, NWD indicated that it has made no progress in seeking contractual changes related to its 11 Skies airport mall. Earlier, it was reported that Hong Kong Airport Authority (HKAA) had taken over the project, with negotiations continuing regarding potential compensation. At the time, NWD had agreed to pay HKAA ~HKD 1.8bn ($230mn) in guaranteed rent annually under its original 40-year contract. Hence, a contractual agreement is expected to potentially remove a significant financial commitment for the next 40 years. The 11 Skies mall is a HKD 20bn ($2.6bn) project that has been impacted by ~HKD 70bn ($8.9bn) in associated liabilities.
NWD’s dollar bonds were however trading stable, with its 9% Perp at 102.3 cents on the dollar.
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