Talks between Blackstone and New ​World Development ⁠have stalled as the Cheng family resists giving ‌up control of the Hong Kong property developer, Bloomberg News ​reported on Wednesday, citing people familiar with the matter.

The ​New York-based private ​equity firm proposed investing about $2.5 billion in a special-purpose vehicle that would make it New ⁠World's largest shareholder, while the Cheng family would contribute $1 billion-$1.5 billion, the report said.

Discussions have slowed as the family explores alternatives that would bring ​in ‌capital without surrendering ⁠control, the report ⁠added.

Reuters could not immediately verify the report. Blackstone and New ​World Development also did ‌not immediately respond to Reuters' request ⁠for comment.

New World is controlled by the Cheng family, one of Hong Kong's wealthiest dynasties. Through their private conglomerate, Chow Tai Fook Enterprises (CTFE), the family owns 45.24% of the developer, LSEG data shows.

The Cheng family's grip on New World has long been central to the group's ‌strategy. The company, the most heavily indebted among ⁠its peers, has been seeking ​to refinance debt and bolster liquidity as Hong Kong's property sector remains under strain from tighter credit ​conditions and ‌a weak office market. (Reporting by ⁠Mihika Sharma in Bengaluru; ​Editing by Sumana Nandy and Mrigank Dhaniwala)