<p>黑石集团（Blackstone Inc.，BX）已放弃与新世界发展（New World Development，NDVLY）拟议的 40 亿美元合作，原因是这家香港房地产开发商拒绝了一项将控制权交给美国投资公司的结构。这一决定结束了一年多的谈判，最近几个月谈判已经放缓，知情人士表示，高盛集团（Goldman Sachs Group Inc.，GS）在此交易中为黑石提供了建议。根据早期计划，黑石将向一个特殊目的载体注入约 25 亿美元，而郑家将贡献 10 亿至 15 亿美元，这可能使黑石成为最大股东。这一提案的破裂使新世界面临压力，投资者关注这家陷入困境的开发商是否能够在不迫使郑家放弃其作为公司最大股东地位的情况下获得新资本。</p>
<p>新世界的发展谈判已转向其他可能的支持者，包括由 RRJ 资本和 Ares 管理公司领导的财团，其提案似乎对控制权的关注较少。RRJ 仍在组建财团，并提议通过股份出售收购新世界少于 30% 的股份，而 Ares 则提供资本注入以支持公司的资产负债表，但要求郑家以股份作为抵押。Ares 还邀请了一些亚洲主权基金加入财团，而凯德集团（CapitaLand Investment）之前与该开发商进行了讨论，但尚不清楚这些谈判是否仍在进行。这使得新世界有几条可能的路径，但每条路径似乎都与治理、抵押品和资产负债表修复相关，而此时贷款方和潜在投资者可能在寻求更多的确定性。</p>
<p>短期内，投资者的关注可能转向新世界与香港机场的长期租赁协议相关的 700 亿港元（约 90 亿美元）负债，竞争团体希望在任何交易进行之前解决这一问题。开发商正在与香港机场管理局谈判，试图终止之前的协议，并以零成本将 300 亿港元的购物中心转让给管理局，知情人士表示。时机至关重要，因为新世界面临压力，必须在 6 月底之前提出计划，届时其年度审计将发布，银行需要根据最新的资产负债表数据重新设定贷款条款。郑家仍有可能避免外部交易，并通过配股注入资本，因为其财务状况因最近 43 亿美元出售 Alinta Energy 而得到改善。</p>

黑石集团

新世界发展

<p>黑石集团已退出与新世界发展的 40 亿美元交易，因为后者拒绝了一项将控制权授予黑石的结构。这结束了一年的谈判。新世界目前正在探索其他融资选项，包括来自 RRJ Capital 和 Ares Management 的提案，同时面临解决与购物中心租赁协议相关的 700 亿港元负债的压力。郑家可能还会考虑通过配股进行资本注入，此前刚完成了一项资产出售</p>

<p>Blackstone Inc. (BX) has stepped away from a proposed $4 billion tie-up with New World Development (NDVLY), after the Hong Kong property developer resisted a structure that would have handed the US investment firm control. The decision ends a yearlong negotiation that had already slowed in recent months, with people familiar with the matter saying Goldman Sachs Group Inc. (GS) advised Blackstone on the deal. Under the earlier plan, Blackstone would have injected about $2.5 billion into a special-purpose vehicle, while the Cheng family would have contributed $1 billion to $1.5 billion, potentially making Blackstone the largest shareholder. The collapse of that proposal keeps pressure on New World as investors watch whether the embattled developer can secure fresh capital without forcing the Cheng family to give up its position as the company's largest shareholder.</p>
<div class="lb-trans"><p>黑石集团（Blackstone Inc.，BX）已放弃与新世界发展（New World Development，NDVLY）拟议的 40 亿美元合作，原因是这家香港房地产开发商拒绝了一项将控制权交给美国投资公司的结构。这一决定结束了一年多的谈判，最近几个月谈判已经放缓，知情人士表示，高盛集团（Goldman Sachs Group Inc.，GS）在此交易中为黑石提供了建议。根据早期计划，黑石将向一个特殊目的载体注入约 25 亿美元，而郑家将贡献 10 亿至 15 亿美元，这可能使黑石成为最大股东。这一提案的破裂使新世界面临压力，投资者关注这家陷入困境的开发商是否能够在不迫使郑家放弃其作为公司最大股东地位的情况下获得新资本。</p>
</div><p>New World's talks have shifted toward other possible backers, including a consortium led by RRJ Capital and Ares Management , whose proposals appear less focused on control. RRJ is still assembling a consortium and has proposed acquiring less than 30% of New World through a share sale, while Ares has offered a capital injection to support the company's balance sheet but has asked the Cheng family to pledge shares as collateral. Ares has also invited some Asian sovereign funds to join the consortium, while CapitaLand Investment previously held discussions with the developer, though it remains unclear whether those talks are still active. That leaves New World with several possible paths, but each one appears tied to governance, collateral, and balance-sheet repair at a moment when lenders and potential investors may be looking for more certainty.</p>
<div class="lb-trans"><p>新世界的发展谈判已转向其他可能的支持者，包括由 RRJ 资本和 Ares 管理公司领导的财团，其提案似乎对控制权的关注较少。RRJ 仍在组建财团，并提议通过股份出售收购新世界少于 30% 的股份，而 Ares 则提供资本注入以支持公司的资产负债表，但要求郑家以股份作为抵押。Ares 还邀请了一些亚洲主权基金加入财团，而凯德集团（CapitaLand Investment）之前与该开发商进行了讨论，但尚不清楚这些谈判是否仍在进行。这使得新世界有几条可能的路径，但每条路径似乎都与治理、抵押品和资产负债表修复相关，而此时贷款方和潜在投资者可能在寻求更多的确定性。</p>
</div><p>The near-term investor focus could now turn to New World's HK$70 billion, or $9 billion, in liabilities tied to a long-term rental agreement for a shopping mall at Hong Kong airport, which competing groups want resolved before any deal proceeds. The developer is negotiating with the Hong Kong Airport Authority to terminate the previous agreement and transfer the HK$30 billion mall to the authority at no cost, according to people familiar with the matter. The timing matters because New World faces pressure to produce a plan by the end of June, when its annual audit is released and banks need to reset loan terms based on the latest balance sheet figures. There is still a possibility the Cheng family could avoid an outside deal and inject capital through a rights issue after its finances were strengthened by the recent $4.3 billion sale of Alinta Energy.</p>
<div class="lb-trans"><p>短期内，投资者的关注可能转向新世界与香港机场的长期租赁协议相关的 700 亿港元（约 90 亿美元）负债，竞争团体希望在任何交易进行之前解决这一问题。开发商正在与香港机场管理局谈判，试图终止之前的协议，并以零成本将 300 亿港元的购物中心转让给管理局，知情人士表示。时机至关重要，因为新世界面临压力，必须在 6 月底之前提出计划，届时其年度审计将发布，银行需要根据最新的资产负债表数据重新设定贷款条款。郑家仍有可能避免外部交易，并通过配股注入资本，因为其财务状况因最近 43 亿美元出售 Alinta Energy 而得到改善。</p>
</div>

Blackstone Walks Away From $4 Billion New World Deal

GuruFocus

黑石集团退出了价值 40 亿美元的新世界发展交易