Hong Kong Lifeline Buys Cheng Family Time to Save New World

It was a Wednesday evening in late September and analysts covering New World Development Co. were getting antsy. The cash-strapped Hong Kong developer was late to report its earnings, and...

By Shirley Zhao, Dong Cao and Trista Xinyi Luo · Bloomberg Markets

It was a Wednesday evening in late September and analysts covering New World Development Co. were getting antsy. The cash-strapped Hong Kong developer was late to report its earnings, and executives hadn’t shown up to a scheduled briefing.