Blackstone Drops $4 Billion New World Deal Over Control Clash The real estate arm of private equity giant Blackstone Group has abandoned its plans to invest $4 billion in Hong Kong based developer New World Development, due to a bitter dispute over control of the company.
This move comes as a shock to investors and analysts who had been eagerly awaiting the deal's closure. Blackstone first took a stake in New World in 2013, investing around $1 billion for a roughly 10% shareholding.
Since then, it has increased its holding through multiple rounds of funding, with a current stake reportedly exceeding 15%.