--- title: "Cheng family’s NWD slumps after admitting 11 Skies, new investor plans stalled" type: "News" locale: "en" url: "https://longbridge.com/en/news/286404438.md" description: "Shares of New World Development (NWD) fell 4.3% after the company admitted no progress on its 11 Skies shopping center project and new investor plans. Negotiations with the Hong Kong Airport Authority remain unresolved, and potential investments have not materialized. NWD's stock had previously risen 29% this year amid speculation of a US$2.5 billion investment from Blackstone, which has since withdrawn. The company has been reducing debt and reported a HK$3.73 billion net loss for the last six months, a 44% improvement from the previous year." datetime: "2026-05-14T11:03:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286404438.md) - [en](https://longbridge.com/en/news/286404438.md) - [zh-HK](https://longbridge.com/zh-HK/news/286404438.md) --- # Cheng family’s NWD slumps after admitting 11 Skies, new investor plans stalled Shares of New World Development (NWD) – the beleaguered property developer owned by one of Hong Kong’s richest families – fell on Thursday, after the firm acknowledged it had made no progress on plans to dispose of a mega shopping centre project and introduce new investors. The stock tumbled by as much as 4.7 per cent in Hong Kong, before paring some of the losses to close 4.3 per cent lower at HK$8.95. The Hang Seng Index remained largely unchanged for the day. NWD was still in talks with Hong Kong Airport Authority to seek contractual changes related to 11 Skies – a HK$20 billion (US$2.6 billion) shopping centre within Hong Kong International Airport – but the negotiations had yet to produce results, the developer said in an exchange statement on Thursday. The firm has also not yet sealed any potential investments in the company, according to the statement. “The group will manage its financing arrangement with lenders as part of the group’s ordinary course of business, and is not aware of any deadline for resetting the group’s financing terms,” NWD said in the statement. NWD’s shares have swung wildly this year amid recurring speculation and media reports that the company would introduce new investors to alleviate its financial stress and improve its balance sheet. Until Wednesday, the stock was up 29 per cent so far this year, as media reported that US asset manager Blackstone was eyeing a US$2.5 billion investment in NWD. But Bloomberg News reported on Wednesday, citing unidentified sources, that Blackstone had pulled out of the deal after a year-long negotiation, because the developer refused to give up control. The family of billionaire Henry Cheng holds about 45 per cent of the interest in NWD. Meanwhile, the South China Morning Post reported on Wednesday that Hong Kong Airport Authority had taken over the retail space in 11 Skies from NWD, citing people familiar with the matter. The project was supposed to fully open for business last year. The SCMP reported last year that the airport operator was in talks with NWD to take back the project. The key sticking point in the negotiations was over potential compensation, according to the report, with NWD having agreed to pay the authority HK$1.8 billion in guaranteed rent annually under its original 40-year contract. The clarification by NWD poured cold water on investors who had hoped for a quick turnaround of the indebted property developer, which has been actively reducing leverage through debt restructurings and asset disposals in recent years. It has raised about HK$35 billion through property disposals and sales over the past year. The company’s total debt had declined by HK$1.7 billion to HK$144.3 billion by the end of December, according to its earnings report. Net losses for the six-month period ending in December narrowed by 44 per cent to HK$3.73 billion, with impairments on investment properties easing and financing and tax expenses related to mainland projects falling, it said. ### Related Stocks - [00017.HK](https://longbridge.com/en/quote/00017.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [BX.US](https://longbridge.com/en/quote/BX.US.md) ## Related News & Research - [Hong Kong Airport Authority takes over 11 Skies retail from New World: sources](https://longbridge.com/en/news/286266200.md) - [Blackstone Walks Away From $4 Billion New World Deal](https://longbridge.com/en/news/286485732.md) - [Greentown China to Issue US$300 Million in 7% Senior Notes for Debt Refinancing](https://longbridge.com/en/news/286172429.md) - [New World Development (OTCMKTS:NDVLY) Sees Strong Trading Volume - Here's What Happened](https://longbridge.com/en/news/277972291.md) - [New World Development Resets Long-Term Connected Hotel Deals With Chow Tai Fook Enterprises](https://longbridge.com/en/news/283993920.md)