New World’s Top Shareholder Seeks to Refinance $932 Million Loan

Chow Tai Fook Enterprises Ltd., the main investment arm of Hong Kong billionaire Henry Cheng’s family, is looking to refinance an around HK$7.3 billion ($932 million) loan due in June, according to people familiar with the matter, testing banks’ appetite for exposure to a firm tied to the clan’s troubled property business.

The company is in preliminary discussions with banks for a potential five-year facility, said the people, who asked not to be identified discussing private matters. Last year, the firm had to repay a separate borrowing with its own cash amid a challenging funding environment at the time, the people said. While the people declined to disclose the size of the loan, the company had one HK$7 billion facility that matured last July, according to Bloomberg-compiled data.