The family of Hong Kong tycoon Henry Cheng currently holds about 45 per cent stake in New World. But such an agreement would offer a crucial vote of confidence for a Hong Kong developer that has struggled to manage its debt. New World had a market capitalisation of around HK$28 billion (S$4.5 billion) at the end of Hong Kong trading on Thursday (Jan 29). It is not known whether the Cheng family would inject any capital into New World as part of the deal. Relinquishing control of New World would be notable in Hong Kong’s tycoon world, where family legacy is honoured – future generations are responsible for protecting and carrying on the family business.