Photographer: Paul Yeung/BloombergNew World Development Co.’s shares and bonds surged after people familiar with the matter said Blackstone Inc. is in advanced talks to become the single largest shareholder of the Hong Kong developer. WATCH: A Hong Kong family dynasty in turmoil, with no known succession plan and billions in debt as China’s property crisis continues. READ: Blackstone in Talks to Become New World’s Top Shareholder (1)The family of Hong Kong tycoon Henry Cheng currently holds about a 45% stake in New World. It’s unclear how much of the company Blackstone would own after the deal and what it would pay the Cheng family for the stake, said the people. But such an agreement would offer a crucial vote of confidence for a Hong Kong developer that has struggled to manage its debt.