Hong Kong’s New World Clan Bets on Property Rebound for Lifeline

Unwilling to cede control over New World Development Co., Hong Kong’s billionaire Cheng family is now betting on the revival of the city’s property market and mulling options like a public share sale to meet the embattled developer’s debt obligations.

After high-profile flirtations with investors including Blackstone Inc., the Chengs are now convinced that the property market rebound will gather pace, alleviating the pressure on them to strike a deal that would involve giving up a controlling stake, people familiar with the matter said.