Bain Capital considers investing in NWD as 11 SKIES return seen luring backers

Private Equity firm Bain Capital is weighing an investment in New World Development (0017), as the developer's return of the 11 SKIES project to the Airport Authority is seen as potentially drawing more backers, Bloomberg reports, citing people familiar with the matter.

The Cheng family, NWD's controlling shareholder, could also add fresh capital, the report said.

NWD shares closed down 3.8 percent on Friday following the news.

New World recently announced it would return the 11 SKIES project to the Hong Kong Airport Authority and pay an additional HK$2.3 billion in cash.

Before the talks with Bain Capital, several global investors had tried to partner with NWD but failed. In May, Blackstone abandoned a US$4 billion (HK$31.2 billion) cooperation plan after the Cheng family refused to give up control of the company.

NWD shares rose as much as 10 percent in morning trading before reversing to follow the broader market lower, at one point falling 7.2 percent.
 

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