New World Development

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New World Development Company Limited
新世界發展有限公司
Type Public company
Industry Conglomerate
Founded 1970
Founder(s) Dr. Ho Sin Hang and Mr. Chow Chi Yuen
Headquarters Hong Kong, People's Republic of China
Area served Hong Kong
Key people Chairman: Mr. Cheng Yu-tung
Website New World Development Company Limited

New World Development Company Limited (NWD), based in Hong Kong, is active in property, infrastructure, services and telecommunications. It was established in 1970 with Dr Ho Sin Hang as Chairman and Chow Chi Yuen as Director and General Manager. Chow became chairman in 1982.

The company is listed on the Hong Kong Stock Exchange (SEHK0017, OTC Pink: NDVLY) since 1972.

It is controlled by majority shareholder, Chow Tai Fook, a holding company owned by businessman, Cheng Yu-Tung.

Controversies[edit]

Hung Hom Peninsula[edit]

One such project, the Hung Hom Peninsula, was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, to be faced with huge popular outcry about the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on December 10, 2004.[1]

Leung Chin-man[edit]

In 2008, New World was the subject of controversy when it announced it had hired former Permanent Secretary for Housing, Planning and Lands Leung Chin-man as deputy managing director and executive director of its China subsidiary, New World China Land Ltd. The Secretary for the Civil Service Denise Yue Chung-yee, signed off on the approval for him to take up the job within three years of leaving,[2] failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair.[3] New World argued that they hired Leung in good faith, after the government had given clearance. New World announced in the early hours of 16 August that the parties had agreed to rescind the contract.[4]

Milestones[edit]

  • 1973 New World Centre begins construction on the Holt's Wharf site - phase 1 completed in 1979
  • 1973 acquires Hip Hing Construction Company Limited
  • 1975 City One Shatin development completed
  • 1976 acquires Timely Enterprises Corporation
  • 1985 acquires 49% stake in ATL Logistics Centre Hong Kong Limited
  • 1988 acquires 24% stake in Tate's Cairn Tunnel
  • 1993 acquires Ramada hotels (outside of US and Canada) and Renaissance Hotels
  • 1992 New World Development (China) created
  • 1993 acquires Stouffers Hotels Co and folded into Renaissance Hotels
  • 1997 acquires 50% stake in Sino-French Holdings (Hong Kong) Limited and New World Services Limited created
  • 1999 New World First Ferry Services Limited established; acquires 19.9% stake in Kwoon Chung Bus Holdings Limited
  • 2000 acquires New World Insurance Services Limited

See also[edit]

References[edit]

  1. ^ Ng, Michael & Teddy (December 11, 2004). "Demolition of Hung Hom flats scrapped". The Standard. Retrieved 2007-01-29. 
  2. ^ Diana Lee (August 5, 2008). "Former housing chief faces legal bid to demolish his job with developer". The Standard. Retrieved 2008-08-07. 
  3. ^ Secretary for the Civil Service (August 15, 2008). "SCS submits report to Chief Executive on Leung Chin-man's case" (Press release). Civil Service Bureau, Hong Kong Government. 
  4. ^ Cheung Chi-fai (August 16, 2008). "Ex-housing chief shocked officials didn't consider Hung Hom deal". South China Morning Post. pp. A10. 

External links[edit]