New World Development

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New World Development Company Limited
新世界發展有限公司
Public Company (SEHK0017, OTC Pink: NDVLY)
Industry Real property
Founder Dr. Cheng Yu Tung
Headquarters Hong Kong
Key people
Adrian Cheng(Executive Vice-chairman and Joint general manager)
Mr. Chen Guanzhan(Executive Director and Joint general manager)
Products Real property, Hotel, Infrastructure and Services, General merchandise
Revenue HK $556.5 billion (as of financial year 2014)
Owner Chow Tai Fook Enterprises Limited
Number of employees
About 50,000 people (as of financial year 2014)
Slogan Artisanal Movement
Website nwd.com.hk

New World Development Company Limited (NWD), is based in Hong Kong focusing on property, infrastructure and services, department stores and hotels. It was established in 1970 by Dr. Cheng Yu Tung. The company is publicly listed on the Hong Kong Stock Exchange (SEHK: 0017, OTC Pink: NDVLY) since 23 November 1972 and is a constituent stock of Hong Kong Hang Seng Index.[1]

Over the last four decades, the group has also actively participated in various businesses in Mainland China and established itself as one of the largest foreign direct investors in the country. The group's existing investments in Mainland China has exceeded US$17 billion, spreading across four municipalities and over 20 provinces.[1]

Milestones[edit]

  • May 1970 New World Development Company Limited is established to venture into property development. Dr Ho Sin Hang is elected Chairman of the Company, while Dr. Cheng Yu Tung is appointed Director and General manager. Chow Tai Fook Enterprises Limited is the Company's largest shareholder.
  • Oct 1972 NWD (Stock Code: 017.HK) is listed on the Hong Kong Stock Exchange, raising over HK$193 million.
  • Oct 1986 Her Majesty Queen Elizabeth II officiates at the foundation stone laying ceremony of the HKCEC on 21 October.
  • Feb 1992 New World Development (China) is set up.
  • Oct 1995 New World Infrastructure Limited ("NWI") (Hong Kong stock code: 301) is formed to consolidate all of NWD's infrastructure projects in Hong Kong and Mainland China. NWI is listed on HKSE in October.
  • Apr 1997 New World Services Limited ("NWS") is established to consolidate all the services-related businesses within the group.
  • Jul 1999 New World China Land Limited ("NWCL") (Hong Kong stock code: 917) is formed to consolidate all of NWD's property projects in Mainland China, and is listed on HKSE in July.
  • Sep 2000 Acquires New World Insurance Services Limited
  • Sep 2001 NWS acquires the entire issued share capital of Ngo Kee Construction Company Limited
  • Oct 2002 Pacific Ports Company Limited ("PPC") will acquire the traditional infrastructure assets from NWI and acquire NWS from NWD.
  • Jan 2003 The reorganisation of New World Group was completed. NWS Holdings Limited, after changing its name from Pacific Ports Company Limited, became the group's service flagship with diversified operations in service, infrastructure and ports in Hong Kong, Macau and Mainland China.
  • Feb 2003 Consolidated shares under newly named NWS Holdings Limited began trading on The Stock Exchange of Hong Kong Limited.
  • May 2005 NWD and Shanghai Industrial jointly invest US$3 million into Shinhint Acoustic Link Holdings Ltd., a Hong Kong-based integrated manufacturing services provider for ODM/OEM production of electro-acoustic consumer products.
  • The company sells Riverside South, a luxury condominium project in New York City on land acquired from Donald Trump, for $1.8 billion – then the largest residential real estate transaction in the history of the city.[2]
  • Jul 2007 New World Department Store China Limited (Hong Kong stock code: 0825) is listed on HKSE.
  • May 2008 NWD, together with Dr Henry Cheng, managing director of NWD, on his behalf have donated more than RMB 50 million, and have donated 300 sets of wireless communication equipment which are worth RMB 15 million to the front-line rescuing team, supporting the disaster-relief effort in the affected areas. Meanwhile, NWCL initiates staff members in regional offices to participate in the donation activities, including donating bloods and raising funds, as well as sourcing other resources and drugs in need to the affected areas. Other subsidiaries in the group have also been actively supporting the relief work through various ways, to encourage employees to support the earthquake relief work in Sichuan.
  • Oct 2009 The Hong Kong Convention and Exhibition Centre (HKCEC) together with the adjacent Golden Bauhinia Square has been voted as One of the 60 top landmarks in China by 32 major media organisations in China.[3]
  • Dec 2010 The Guangzhou Dongxin Expressway, in which NWS Holdings holds 40.8% equity interest, is officially opened on 31 December 2010.
  • Aug 2011 New World Group announces its full support to New World Harbour Race, an iconic sporting event organised by the Hong Kong Amateur Swimming Association after a 33-year hiatus.[4][5]
  • Dec 2011 NWDS sets up Mianyang New World Department Store, its first store in Mianyang City.
  • Dec 2013 NWS Holdings Limited acquires equity shares in Beijing Capital International Airport to become its second largest shareholder.
  • Sep 2014 K11 marks its fifth anniversary
  • April 2015 New World Development Company Limited and HIP Company Limited ("HIP"), a wholly owned subsidiary of The Abu Dhabi Investment Authority ("ADIA"), established a new joint venture company to jointly own Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency TST (the "Hotels") with effect from the closing of the transaction. The total consideration for the sale and transfer of the Hotels is HK$18,500 million, out of which approximately HK$10,082 million is received by NWD.[6][7]

Group structure and subsidiary[edit]

NWD group structure and subsidiary

New World Development Company Limited and Chow Tai Fook Jewellery Group Limited are both owned by Chow Tai Fook (Holding) Limited. The three listed companies under New World Development are New World China Land Limited, NWS Holding Limited and New World Department Store China Limited.[8]

Board of directors[edit]

  • Dr. Cheng Kar-Shun, Henry GBS (chairman and executive director)
  • Mr. Doo Wai-Hoi, William JP (non-executive vice-chairman)
  • Dr. Cheng Chi-Kong, Adrian (executive vice-chairman and joint general manager)
  • Mr. Chen Guanzhan (executive director and joint general manager)
  • Ms. Ki Man-Fung, Leonie SBS JP (executive director)
  • Mr. Cheng Chi-Heng (executive director)
  • Ms. Cheng Chi-Man, Sonia (executive director)
  • Mr. Au Tak-Cheong (executive director)

Land banking[edit]

New World Development Company Limited is one of the Hong Kong companies who have a large landbank. As at 31 December 2014, the group had a landbank of around 9.25 million sq ft, of which around 5.3 million sq ft was residential property. The group had a total of approximately 18.3 million sq ft of attributable agricultural land reserve pending for conversion.[9]

Property[edit]

Properties for Sale[10]

  • The Parkhill
  • Skypark
  • The Pavilia Hill
  • Grand Austin
  • The Woodside
  • Double Cove
  • Double Cove Starview
  • Eight South Lane
  • The Austin
  • Park Signature
  • The Woodsville
  • The Reach
  • The Riverpark

Properties for Lease[11]

  • K11 Art Mall
  • Eight Kwai FonG
  • New World Tower
  • Telford PlazaⅡ
  • Pearl City
  • Methodist House
  • ATL Logistics Centre
  • Two MacDonnell Road
  • Manning House
  • Hong Kong Convention Plaza
  • Discovery Park – Shopping Centre

Landmark

See also[edit]

References[edit]

  1. ^ a b "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015. 
  2. ^ Timothy L. O'Brien (27 January 2016). "How Trump Bungled the Deal of a Lifetime". BloombergView. 
  3. ^ "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015. 
  4. ^ "Event History | New World Harbour Race 2015". www.hkharbourrace.com. Retrieved 8 October 2015. 
  5. ^ "經典重現!維港渡海泳!". sports.sina.com.hk. Retrieved 8 October 2015. 
  6. ^ "New World Development sells Hong Kong hotel stakes to Abu Dhabi investor for HK$18.5 billion". South China Morning Post. Retrieved 8 October 2015. 
  7. ^ "New World seals HK$18.5b deal with Abu Dhabi groupHK – China Daily Asia". data:blog.title. Retrieved 8 October 2015.  External link in |website= (help)
  8. ^ "Corporate | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015. 
  9. ^ "Investor Relations | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015. 
  10. ^ "Property | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015. 
  11. ^ "Property | New World Development Company Limited Official Website". www.nwd.com.hk. Retrieved 8 October 2015. 

External links[edit]