New World Development
Encyclopedia
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
since 1972.
It is controlled by majority shareholder, Chow Tai Fook
, a holding company owned by businessman, Cheng Yu-Tung
.
. 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.
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, failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair. 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.
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, is active in property, infrastructure, services and telecommunications. It was established in 1970 with Dr Ho Sin Hang as Chairman and Chow Chi Yuen
Chow Chi Yuen
Chow Chi Yuen , born in Shunde, Guangdong, China, is a Chinese entrepreneur and the founder of Chow Tai Fook Jewellry Company. He is the father-in-law of Cheng Yu-tung, the chairman of New World Development....
as Director and General Manager. Chow became chairman in 1982.
The company is listed on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
since 1972.
It is controlled by majority shareholder, Chow Tai Fook
Chow Tai Fook Enterprises
Chow Tai Fook Enterprises Ltd. is a diversified, Hong Kong-based company engaged in the property development, hotel, casino, transportation, jewelry, port and telecommunications businesses....
, a holding company owned by businessman, Cheng Yu-Tung
Cheng Yu-tung
Cheng Yu-tung GBM is a Hong Kong billionaire with extensive business dealings and real estate interests in both Hong Kong and Macau. He owns the privately-held Chow Tai Fook Enterprises, a conglomerate which operates the Sheraton Marina hotel and controls the publicly listed New World group...
.
Hung Hom Peninsula
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 KaiSun Hung Kai
Sun Hung Kai Properties Ltd. is a listed corporation based in Hong Kong. The company is controlled by the family trust set up by Kwok Tak Seng, who founded the company.-History:...
. 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.
Leung Chin-man
In 2008, New World was the subject of controversy when it announced it had hired former Permanent Secretary for Housing, Planning and LandsSecretary for Housing, Planning and Lands
The Hong Kong Secretary for Housing, Planning and Lands was the head of the Housing, Planning and Lands Bureau, which was responsible for urban planning policy, public housing and the management and selling of public lands...
Leung Chin-man
Leung Chin-man
Leung Chin-man JP is a retired senior civil servant in the Government of Hong Kong the former Permanent Secretary for Housing, Planning and Lands.-Government career:...
as deputy managing director and executive director of its China subsidiary, New World China Land Ltd. The Secretary for the Civil Service
Secretary for the Civil Service
The Secretary for the Civil Service is the head of the Civil Service Bureau in Hong Kong. Unlike other secretaries for bureaux, the Secretary for the Civil Service is filled by an administrative officer from the civil service, who may choose to return to the civil service when his term expires...
Denise Yue Chung-yee
Denise Yue
Denise Yue Chung-yee GBS JP is a Hong Kong politician and Secretary for the Civil Service.-Education:Denise Yue graduated from the University of Hong Kong in 1974 and she attended Harvard University in 1988 obtaining an MPA during her civil service career....
, signed off on the approval for him to take up the job within three years of leaving, failing to take into account the appearance of conflict of interest resulting from the Hung Hom Peninsula affair. 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.
Milestones
- 1973 New World Centre begins construction on the Holt's WharfHolt's WharfHolt's Wharf was a godown terminal in Tsim Sha Tsui, Kowloon, Hong Kong in the 19th century. It was set up in 1910 and jointly owned by British Swire Group and Blue Funnel Line. It is located at the southeast seaside of Tsim Sha Tsui and the south of Signal Hill...
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 TunnelTate's Cairn TunnelTate's Cairn Tunnel is a four-lane tunnel in Hong Kong. Constructed as part of Route 2, it links Diamond Hill, Eastern Kowloon and Siu Lek Yuen, Sha Tin in the New Territories. It was opened on 26th June 1991....
- 1993 acquires RamadaRamadaRamada is a hotel chain owned and operated by Wyndham Worldwide.- History :The lodging chain was founded in 1953 by longtime Chicago restaurateur Marion W...
hotels (outside of US and Canada) and Renaissance HotelsRenaissance HotelsRenaissance Hotels is a worldwide brand of hotels and resorts. The brand is owned by Marriott International and many Renaissance Hotels are managed by Marriott; however, some are operated under a franchise license. Renaissance Hotels, Resorts and Suites cater to an upmarket segment of the traveling... - 1992 New World Development (China) created
- 1993 acquires Stouffers Hotels Co and folded into Renaissance HotelsRenaissance HotelsRenaissance Hotels is a worldwide brand of hotels and resorts. The brand is owned by Marriott International and many Renaissance Hotels are managed by Marriott; however, some are operated under a franchise license. Renaissance Hotels, Resorts and Suites cater to an upmarket segment of the traveling...
- 1997 acquires 50% stake in Sino-French Holdings (Hong Kong) Limited and New World Services Limited created
- 1999 New World First Ferry Services LimitedNew World First FerryNew World First Ferry Services Limited is a ferry service company in Hong Kong. The company was established in November 1999, when it took over the 8 licensed ferry routes transferred from the Hongkong and Yaumati Ferry...
established; acquires 19.9% stake in Kwoon Chung Bus Holdings Limited - 2000 acquires New World Insurance Services Limited
See also
- New World CentreNew World CentreThe New World Centre is a shopping centre, apartment complex and office building on Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong. It is located near the Sogo Department Store and the Hong Kong Space Museum, opposite the MTR East Tsim Sha Tsui Station. It was closed on March 31, 2010 for...
- New World First BusNew World First BusNew World First Bus Services Limited , abbreviated as First Bus and "NWFB", is the third largest public bus operator in Hong Kong.NWFB was established in 1998, taking over China Motor Bus's franchise on 1 September 1998 to provide bus services on Hong Kong Island together with Citybus...
- New World First FerryNew World First FerryNew World First Ferry Services Limited is a ferry service company in Hong Kong. The company was established in November 1999, when it took over the 8 licensed ferry routes transferred from the Hongkong and Yaumati Ferry...
- CitybusCitybus (Hong Kong)Citybus Limited is one of the three major bus operators in Hong Kong. It provides both franchised and non-franchised bus service. The franchised route network serves mainly Hong Kong Island, cross-harbour routes , Ocean Park, North Lantau and Hong Kong International Airport...
- New World MobilityNew World MobilityNew World Mobility is a mobile communications brand name in Hong Kong. It was launched in 1997 and previously parented by New World PCS Limited...
- New World TelecommunicationsNew World Telecommunications LimitedNew World Telecommunications Limited is a member of New World Development Company Ltd. NWT is a telecom service provider in Hong Kong.NWT has expanded its business coverage by investing in both local and international network infrastructure, and establishing bilateral partnerships with more than...
- New World China LandNew World China LandNew World China Land Limited is the Mainland China property flagship of Hong Kong's New World Development, owned by Dr. Cheng Yu-tung's family.It is incorporated in the Cayman Islands with limited liability. It is engaged in property development projects in Mainland China, including property...
- List of companies in Hong Kong