Cheng Family Considers USD1.3bn Injection into New World Development

The Cheng family New World is weighing a capital injection of around HKD10bn (USD1.3bn) to support the debt-laden developer by year-end, people familiar with the matter said. The family, which controls New World Development, is also seeking a partner to provide a similar amount for an equity stake, with Blackstone and CapitaLand reportedly in discussions. The plan would create a joint venture to provide liquidity, though terms remain fluid. Shares of New World rose more than 10% on the news, and some of its US dollar bonds also gained. Despite securing a record USD11bn refinancing earlier in 2025, the group remains under pressure from high leverage and Hong Kong’s weak property market.