Blackstone Drops $4 Billion New World Deal After Control Dispute

3 articles · Updated · Bloomberg · May 13

$4 billion in proposed investment talks between Blackstone and New World Development have collapsed after Blackstone told the developer it was walking away, people familiar with the matter said.
New World's refusal to cede control to the U.S. private equity firm sank the deal, ending a yearlong negotiation that had already stalled in recent months.
Goldman Sachs advised Blackstone on the abandoned transaction, which would have tied the firm to an embattled Hong Kong property developer facing broader pressure.

After rejecting Blackstone's $4B, can Hong Kong's debt-ridden New World Development survive its financial crisis?

Does this failed deal prove Western buyout firms can't crack Asia's powerful family-run empires?