Blackstone drops four billion dollar New World deal
Blackstone has reportedly abandoned a four billion dollar deal with New World Development. The move follows the developer's refusal to cede majority control.
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BLACKSTONE INC ended talks for a $4 billion partnership with NEW WORLD DEVELOPMENT after the developer refused to cede control. The developer, Hong Kong's most indebted property firm, sought critical liquidity to refinance debt. The collapse leaves the company to pursue asset sales in a weak market.
