New World Buys Shanghai Property from Blackstone

(Beijing) -- New World Development Co. (HKEX: 00825), a property firm headed by Hong kong billionaire Cheng Yu-tung, will pay 1.46 billion yuan for full equity interest for a shopping mall in Shanghai, the company said in an exchange filing on September 22.

The commercial property called Shanghai Shopping Channel 1 is now 95 percent indirectly owned by U.S. private equity firm Blackstone Group LP, with the rest owned by Daily Right Ltd., according to the statement.