Henry Cheng family's investment arm seeks $5 bln in loan: Bloomberg

Hong Kong billionaire Henry Cheng Kar-shun family’s flagship investment arm Chow Tai Fook Enterprises is seeking fresh funding of around HK$5 billion from banks, according to Bloomberg.

The fund would be provided as a new loan and used for general corporate purposes, the news agency reported, citing sources familiar with the matter.

The financing would give the company, the biggest shareholder of New World Development (0017), an additional liquidity cushion if it decides to proceed with a large-scale restructuring of the local developer, the report said.

Such a move could involve a share sale, it said. 

While details are still under discussion, the new loan could be signed as soon as this month, the report added. 

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