Cheng family reportedly mulling multibillion dollar capital injection to aid NWD

New World Development’s (0017) controlling shareholder, the Cheng family, is considering injecting fresh capital into the indebted Hong Kong developer as early as the end of this year, Bloomberg News reported.

The report cited sources saying the Chengs are prepared to contribute around HK$10 billion and are seeking partners willing to provide a similar amount.

The plan under consideration involves setting up a joint venture to provide liquidity to New World, the report added.

The developer sold more than 1,500 units in its sales and joint projects during the first eight months of the year, generating over HK$21 billion in cash.

STAFF REPORTER