Blackstone in Talks to Become New World’s Top Shareholder (1)

Blackstone Inc. is in advanced talks to become the single largest shareholder of New World Development Co., according to people familiar with the matter, a move that would see one of Hong Kong’s richest families relinquish control of a major asset.

Under the proposed deal, the US company would be able to restructure the embattled developer and New World could continue to try to offload assets to shore up liquidity, said the people, who asked not to be identified discussing private matters.

Henry Cheng

Photographer: Brent Lewin/Bloomberg

The family of Hong Kong tycoon Henry Chengcurrently holds about a 45% stake in New ...